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Denver Real Estate Market Report for April 2018

Denver Real Estate Market Report for April 2018

The average price of a single-family home sold in Denver and its 10 surrounding counties, which set records by surpassing $500,000 in February, went up in March to $520,158, and rose yet again in April to $543,058.

See below for our full report for April 2018 and please let us know if you have any questions. We email this market infographic report on the Denver Real Estate Market out each month. To get on that email list, please reach out to marketing@usajrealty.com and request to be added!

Key Takeaways for April 2018 via DMAR for Metro Denver:

  • Active Inventory in April 2018 was: 5,160
    • March 2018 Active Listings: 4,619
    • February 2018 Active Listings: 4,084
    • January 2018 Active Listings: 3,869
    • December 2017 Active Listings: 3,854
    • November 2017 Active Listing: 5,131
    • October 2017 Active Listing: 6,312
    • September 2017 Active Listings: 7,586
    • August 2017 Active Listings: 7,360
  • Median Sales Price for a condo in Metro Denver in April 2018 was: $297,000
    • March 2018: $295,000
    • February 2018: $296,000
    • January 2018: $285,000
    • December 2017: $285,000
    • November 2017: $272,000
    • October 2017: $275,000
    • September 2017: $268,000
    • August’s $275,000
    • July’s $270,100
  • Median Sales Price a single-family residence in Metro Denver in April 2018 was: $455,000
    • March 2018: $440,875
    • February 2018: $435,000
    • January 2018 was $416,000
    • December 2017: $415,000
    • November 2017: $405,000
    • October 2017: $415,000
    • September 2017: $409,000
    • August 2017: $410,000
    • July 2017: $420,000

An Overview of the National Market:

“Strong demand for housing is keeping builders optimistic about future market conditions,” National Associate of Home Builders Chairman Randy Noel said. “However, builders are facing supply-side constraints, such as a lack of buildable lots and increasing construction material costs. Tariffs placed on Canadian lumber and other imported products are pushing up prices and hurting housing affordability.” – Housing Wire

“Home buyers beware: Most expensive housing markets in some states average $750,000-plus: U.S. economic recovery and continued growth have had many positive effects on the nation and the population. For at least one group, however, the improving economy has had a negative impact — for potential homebuyers.” – USA Today 

“Affordability issues for both renters and home buyers are rampant across a wide range of incomes in nearly every city in the country, forcing people to spend more than the recommended 30 percent of their income on housing…there’s a shortage of 7.2 million rental homes that are both affordable and available to extremely low-income households.” – Washington Post

What’s Happening in Denver:

“The average and median single-family home prices in metro-Denver both continue to set new record highs, reaching $543,058 and $455,000 respectively. Furthermore, in April, new listings surged, up 4.88 percent from last year, with homes being placed under contract up an equally healthy 5.58 percent.” – DMAR

“Zillow estimates that Denver’s median rents, currently around $2,047 a month, will rise 3.6 percent next year” and if Amazon moves to Denver, that number will jump an additional 2.3 percent. – Denver Post

“Homeownership has trended downward across the state but especially in metro Denver, according to the Census Bureau. Mile High City homeownership rates have fallen from more than 72 percent in 2005 to 53 percent today.” – Colorado Public Radio

“Denver is one of 28 major U.S. areas that’s growing by at least 1 percent a year. Denver’s rate is a hearty 1.77 percent — faster than Seattle’s, Atlanta’s and Phoenix’s — but not as fast as the major Texas metros.” – Denver Business Journal  | See image below from the article:

denver population growth

Report for Metro Denver:

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Read Denver Metro Association of Realtor’s full report on last month’s Real Estate trends and statistics in Denver here.

   

And as always, please let us know if you have any questions!

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