Denver Real Estate Market Report for May 2018

The average price of a single-family home sold in Denver and its 10 surrounding counties continues to set new records. Since February, when the average home purchase price surpassed $500,000, the cost of buying a home jumped in March to $520,158, again in April to $540,105, and yet again in May to $540,624.

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

Key Takeaways for May 2018 via DMAR for Metro Denver:

Active Inventory in May 2018 was: 6,437
- April 2018 Active Listings: 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 May 2018 was: $305,000
- April 2018: $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 2017 $275,000
- July 2017: $270,100
Median Sales Price a single-family residence in Metro Denver in May 2018 was: $451,000
- April 2018: $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:

Homebuyers are resilient despite housing market challenges

“Although homebuyers struggle with affordability and low supply, a healthy economy and strong consumer confidence are expected to lead to an increase of sales, according to Freddie Mac’s newly released monthly outlook for May”. – Housing Wire

Hot housing market shows no signs of cooling off, frustrating buyers

“New data released today shows U.S. home prices have continued their ascent, reinforcing predictions that prospective homebuyers will face an incredibly competitive market this spring and summer.” – Curbed

Where the House-Price-to-Income Ratio is Most Out of Whack

“The rule of thumb is that the cost of your house should equal roughly 2.6 years of income. But in some U.S. cities, home prices are almost 10 times what the median household earns.” – City Lab, chart below by City Lab

What’s Happening in Denver:

Report Ranks Denver #6 Among Cities Vying For Amazon HQ2

“A new report ranks the list of cities competing for Amazon’s second headquarters which includes Denver. According to the Denver Business Journal, the report looked at housing costs, crime rates and overall quality of life. First on the list was Raleigh, North Carolina followed by Atlanta and Pittsburgh. Denver ranked 6th on the list.” – CBS Denver

Denver rent increases on par with national, state averages in May

“The cost of renting an apartment in metro Denver continues to rise but not any faster than elsewhere in the state or across the country as a whole, according to new data from rental listing website ApartmentList. Rents rose by 0.7 percent in May to a median cost of $1,050 for a one-bedroom apartment and $1,330 for a two-bedroom.” – Denver 7

No slowing in site for the Denver-area real estate market as homes are selling quickly and prices continue to climb amidst more housing inventory.

“Homebuyer demand remained strong with the average days on market at 18, which ties a record low for any month. Additionally, once again, the average single-family home price in metro-Denver continues to set new records, reaching $540,624. – DMAR

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!