Average single-family home price in metro denver Sets New record in april
Several records were established in the metro Denver housing market during April 2021, including the average price of homes being sold. Single-family homes sold for an average of $623,825. The previous record was in March at $587,484, according to a spokesperson for a leading mortgage company.
Denver is appreciating at 11.2 percent and is the hottest market in the country with real estate valued at 78 percent higher than it was in the mortgage company’s 2008 peak. The increase in price is attributed to supply and demand.
At the end of April there were 2,594 residential properties on the market which represents the lowest April on record. Homeowners are advised to do their homework up front and be ready for challenges to the buyer side position. The metro area continues to be a seller’s market, including properties listed at $1 million or more. According to the Denver Metro Association of Realtors (DMAR), luxury properties are the fastest selling homes across Colorado.
The luxury market has experienced more growth than any other segment. In 2018, 2019 and 2020, year-to-date closed sales of properties over $1 million were 649, 654 and 661, respectively. So far in 2021, there have been 1,353 closed sales, more than double the number of the past three years, according to the DMAR.
Historically, spring is a time when more homes are put up for sale, but buyer demand means the market trends will continue in Colorado for now. Inspections are being waived and cash over appraised value offered. If a buyer doesn’t get out to see a new listing in the first day or two, most of the showing slots will have been filled, which will most likely result in a closed sale.
According to the DMAR, the one-year post COVID and the unwavering seller’s market makes it clear that buyers are left making emotional decisions rather than factual ones when purchasing a home. The underlying 2021 theme of this seller’s market is that buyer demand continues to stay hot, even as many buyers continue to be iced out in this fast-paced market.