DENVER – Housing inventory in the Denver metro area continued to increase last month but so did home prices as the luxury real estate market saw another month of strong growth.
The median sale price of all residential properties – both single-family homes and condos – was $389,000 in June, according to the latest data from the Denver Metro Association of Realtors. That’s 2.09 percent higher than the month before and 6.85 percent higher than the same time last year. Since January, the median sold price has increased 11.14 percent.
It was another particularly great month for the luxury market. The number of condos priced at $1 million or higher was up 118 percent compared to June 2016. A total of 24 condos in that price range sold and closed last month.
“We saw the biggest boom in the luxury condo market where there was a 50 percent increase in sales for properties priced over $1 million from May to June,” said Jill Schafer, a member of DMAR’s Market Trends Committee. “That’s a nearly 70 percent increase year to date compared to the same time in 2016.”
Following a record low earlier this year, real estate inventory in the Denver metro area was up significantly. DMAR reported a total of 7,059 active listings in June, up nearly 20 percent from May and up 3.87 percent compared to June 2016. That’s still far below the historical average of 17,160, however.
Inventory is especially low in the lower end of the real estate market, particularly properties under $400,000. Those homes represented just 26 percent of the overall inventory in June, whereas they accounted for 65 percent in 2011.
The graph below shows changes in median sold price and inventory so far in 2017:
The highest-priced homes that sold last month were a $3.9 million, 3-bedroom condo and a $5 million, 4-bedroom single-family home.