Home buying and selling season is in full force across Colorado. New and active listings of homes for sale rose in May, with fewer days on market and no change to weeks of inventory.
Seasonal Housing Market Trends
In Colorado, home buying and selling are at the highest level during spring and summer. The Greater Metro Denver Area saw an expected seasonal increase in the number of new homes for sale on the market in May. Home sellers listed 7,754 homes for sale in May, higher than both last month (12%) and this time last year (7%).
Demand remains strong, as 72% of new homes that came on the market resulted in a sale.
Will Home Prices Level Out?
For the first time this year, the price of a single-family detached home decreased. The average sold price dropped 1%, from $540,420 in April to $536,535 in May. Meanwhile, prices of condos and townhomes continued a steady increase, keeping the overall average price on its upward climb.
Will the Market Slow Down?
This May, homes spent even less time on the market. With an average of only 27 days on the market, the Denver Metro Area currently has 5 weeks of inventory, unchanged from last month and last year.
However, the median number of days a home spend on the market in May was only 5 days. Homes continue to sell very quickly in counties and at price ranges with the highest demand from home buyers. Home buyers still face the challenge of low inventory.
If you’re in the market for a new home, or if you’re considering selling your home, connect with an experienced local REALTOR®. Your real estate agent can provide more housing market statistics tailored to your home search. REALTORS have access to detailed information about the housing market for specific areas where you’re looking for a home.