May saw highest housing inventory in Metro Denver since 2013 and record-breaking average single-family home price.
The Metro Denver real estate market is inching back in the direction of being balanced. Notice, I said inching. In May, there were 8,789 new listings (+17% over April and +38% over May 2018) and by month’s end, 6,470 homes went under contract (+5.65% over April and +10.5% over May 2018). So, we ended the month with 8,891 homes still for sale, which is the highest end-of-month active inventory since November, 2013.
To put that in perspective, in May of 2008 there were 26,333 active listings.
Our market has been starving for more listings for years, so the increase in inventory is sweet relief for our hungry buyers. For the past five years straight we’ve been appreciating at double-digit increases ever year. We may finally see that slow down. Sellers have enjoyed the upper hand by a long shot, but homes are now taking 11 days to go under contract rather than the average 6 days they’ve been selling in the past four years. Homes are also selling for 99.35% of list price rather than usually getting over asking.
The average single-family home price reached a record-breaking $555,482 this month.
Bottom line: It is still a seller’s market and prices continue to rise, but in many cases it’s not the feeding frenzy it was this time last year.
For a deep dive, download the DMAR market report.