Home Sales Keep Inventory Levels Tight and Prices at Record Levels
DENVER – June 3, 2015 –REcolorado, Colorado’s largest MLS and the provider of REcolorado.com, today released its May 2015 report on the Denver-area housing market. The report, which includes data from REcolorado’s 17,000 members who operate throughout the greater Denver Metro and surrounding area, showed the continuation of a strong 2015 selling season.
After eclipsing $400,000 last month, the average sold price for a single family detached home continued its upward climb, reaching $416,495 in May, a four percent increase over last month and a 12 percent increase year over year. The average sold price for a condo/townhome was $262,657 in May, two percent higher as compared to last month and 15 percent higher than a year ago.
“Colorado continues to see strong economic, employment, and population growth, which is bringing consumers to the market ready to buy newly-listed homes before the supply is replenished,” said Kirby Slunaker, president and CEO of REcolorado. “While spring is traditionally the setting for a strong market, low housing supply and growing sales are the key drivers behind our short sales cycle and rising home prices.”
Even with growth in May, Denver Metro inventory levels remained low as demand continued to outpace supply. At May month end, 6,909 active listings were on the market, an increase of 12 percent as compared to last month, but 17 percent lower than May 2014. The number of new listings that came on the market, 7,561, was flat compared to last month, keeping the supply of inventory at just six weeks in May.
Denver’s competitive housing market and high demand is keeping the sales cycle among the shortest in the country. On average, Denver area homes for sale spent just 21 days on the market—three days less than last month and nine days less than last year. Approximately two-thirds of the new listings that came on the market in May were also sold in May.
Since 1984, REcolorado has been focused on providing the most accurate and up-to-date real estate information for professionals and consumers. Updated every 15 minutes with new and sold listings and powered by the state’s largest network of real estate professionals, REcolorado.com is Colorado’s most accurate home search website. REcolorado.com also offers consumers mortgage resources, information about Colorado neighborhoods and cities, sold listings, open houses, and a comprehensive database of real estate professionals.
REcolorado is the largest Multiple Listing Service (MLS) in Colorado. With 17,000 professional members who operate throughout the state, it is REALTOR® owned and serves Aurora Association of REALTORS®, Douglas Elbert REALTOR® Association, Denver Metro Association of REALTORS®, Mountain Metro Association of REALTORS®, and South Metro Denver REALTOR® Association.