Newspaper headlines, nightly local televisions news, internet blogs, real estate portals and your coffee barista are screaming from the rooftop - Colorado is experiencing record setting real estate activity. Look out your window - spring has sprung and so has the sale of homes in the Denver metro area. According to REcolorado, Colorado’s largest MLS and provider of REcolorado.com, their April 2015 report on the Denver area housing market showed an increase in the number of active listings in April to 6,149, an increase of 19% versus March 2015. Patience is no longer a virtue since record-setting sales prices are delivering an tremendous volume of new listings. The 7,566 new listing in April represents a 21% increase compared to March 2015 and 8% increase versus April 2014. While the increases represent a welcome relief, it is a fraction of what is considered “normal” or “healthly” since it represents only a six-week supply. The current supply of homes nation-wide is approximately four and a half months according to the National Association of REALTORS®.
If You List IT, It Will Sell.
In April 2015, the number of homes sold hit 4,416, a 7% month-over-month increase, but 8.00% lower than April 2014. On a year to date basis sales are robust since the number of sold listings is up 1.00% versus this time last year.
No surprises here. Sold prices remain strong and elevated throughout the Denver metro area. A single family home average sale price has reached $361,953 in April, a 2.00% percent increase over March 2015 and 11.00% higher than April 2014. Records are meant to be broken. A single family detached home average sold price has eclipsed $400,000 for the first time ever, reaching $402,302, a 3.0% increase over March 2015 and 11.0% percent increase year over year.
Act now. The market throughout Denver is ultra-competitive and represents a sales cycle that is among the shortest in the country. According to the National Association of REALTORS, properties spend approximately 89 days on the market last month. However, the Denver area with demand exceeding supply, homes were on the market only for an average of 24 days, which is 9 days less than March 2015 and 11 days less than last year.