Prices Reach All-Time Highs, Inventory Levels Increase
GREENWOOD VILLAGE, CO – April, 7 2016 – The latest data from REcolorado, the provider of REcolorado.com, a home search site for Colorado home buyers, sellers and renters, reveals that home sales prices have reached another all-time high. Demand remains strong, with home sales seeing an impressive 39 percent jump from last month.
All month-over-month comparisons indicate the housing market for the Denver Metro and surrounding area is holding strong, thanks to an influx of new listings that boosted the number of homes for sale. At month end, inventory levels were up 10 percent as compared to last month and six percent year over year. Still, weeks of inventory remained at six, meaning it would take just six weeks to deplete existing inventory if sales continued at the same pace.
The average price of a Denver-area home continued its steady upward trend, reaching a record high of $387,547. Average sales price increased four percent month over month and nine percent year over year.
“Continued low interest rates combined with an undersupplied market put Denver-area home listings at a premium,” said Kirby Slunaker, president and CEO of REcolorado. “For those who have ever considered putting their home on the market, now is about as good as it gets.”
March home sales showed a 39 percent increase as compared to February. With 4,111 homes sold, sales were down 11 percent as compared to last year at this time. March ended with 6,083 homes under contract, 15 percent higher than last month.