REcolorado: Record home prices

REcolorado releases May report.

REcolorado finds average price of all homes tops $400K for first time.

REcolorado report shows same trend as separate DMAR report.

REcolorado

Home prices set a record in May.. Source: REcolorado.

The average sold price of all homes in the Denver area hit a milestone in May, topping $400,000 for the first time, according to a report released this afternoon by REcolorado.

The average price of all homes sold in May was $407,662, 9.2 percent more than $373,426 in May 2015, according to REcolorado, the largest MLS in Colorado.

A separate report, also released today by the Denver Metro Association of Realtors, showed the same trend of record home prices.

But DMAR, which uses REcolorado data puts the average price at $412,433.

DMAR tracks homes sold in Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpen, Jefferson and Park counties,

REcolorado tracks homes sold by its members.

“After dipping slightly last fall, home prices continue to grow at a moderate pace this spring selling season,” said Kirby Slunaker, president and CEO of REcolorado.

“That bodes well for home sellers, as well as home buyers who continue to move quickly in an effort to purchase moderately-priced homes while interest rates remain low,” Slunaker added.

The REcolorado report also shows the median sale price of single-family homes and condos was a record $359,950, a 10.9 percent increase from $324,500 in May 2015.

For single-family homes, the average price of a sold home last month was a record $448,804, up 8.25 percent from $14,573 in May 2015.

The median sale price was $390,000, a 9.9 percent increase from $355,00 a year earlier.

Other year-over-year findings in the REcolorado report for single-family and condo listings;

  • 6,565 active listings, a 4.6 percent drop from 6,850;
  • 7,285 new single-family and condo listings came on the market, a 4.6 percent drop from 6,680;
  • 7,372 homes were placed under contract, up 0.4 percent from 7,404;
  • 4,939 home sales, down 11.6 percent form 5,587;
  • And the average days on the market rose by 14 percent to 24 from 21.

Year-over-year data for single-family detached homes:

  • 5,267 active listings, a 4.6 percent drop from 5,520;
  • 5,478 new listings, a 0.4 percent dip from 5,501;
  • 5,493 homes placed under contract, up 2.6 percent from 5,356;
  • 4,593 sold homes, down 11.9 percent from 4,077;
  • And the average days on the market, rose 8.25 percent to 26 form 24.

Year-over-year data for condos and townhomes:

  • 1,298 active listing, down 5.3 percent from 1,360;
  • 1,807 new listings, down 10,5 percent from 2,020;
  • 1,879 under contracts, down 8.25 percent from 2,048;
  • 1,346 sales, down 10.9 percent from 1,510.
  • And average days on the market rose 13 percent to 17 from 17.

 Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. DenverRealEstateWatch.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.

 

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John Rebchook

John Rebchook has more than 30 years of experience in writing and communications. As the Real Estate Editor for the Rocky Mountain News, he wrote about residential and commercial real estate for 26 years. He has won numerous awards for business stories and columns that he wrote, both as an individual and part of teams. In addition to real estate, he also covered economic development, banking and financing, the airlines, and cable TV for the Rocky. In addition, he was one of the original freelance writers for GlobeSt.com, covering commercial real estate for the Internet publication.

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