For Sale Inventory, Days on Market Increases in June
“Over the past few years, the fireworks from our housing market were visible from almost every street corner,” said Steve Danyliw, chairman of the DMAR Market Trends Committee and Metro Denver REALTOR®. “Those fireworks, while still around, are not being seen in every neighborhood. It’s important to remember that a transition to a balanced market doesn’t mean a bubble is around the corner.”
Active listings in the residential market (single-family and condos) were at 7,436 total units in June. The number of sold listings increased by 15.52 percent compared to the previous month, and 5.34 percent from last June. Year to date, there have been 27,228 homes sold – down 3.07 percent from 2017.
The condo market saw an uptick in days on market, increasing to 18 days compared to 16 last June. The most active price segment for the single-family market for June was $400,000 to $499,999 and $200,000 to $299,999 for condos.
Months of inventory increased 1.21 months for condos compared to 1.08 months last month. Like most of 2018, the condo market in June outperformed single-family with the average sold price of $353,429, representing a 12.5 percent increase over 2017. The median price of condos sold also increased by 13.18 percent to $299,925.
The closed dollar volume in June in the luxury segment was $ 359,918,385 up .75 percent from the previous month, and up 14.46 percent year over year.
There has been a shift in the Metro Denver area condo market with new buildings containing the first floor as retail, potentially the second floor as office space and the remaining floors as condos. The highest priced condo sold was a two-unit deal, including one retail space and one condo. The listing sold for $3,100,000 representing four bedrooms, three bathrooms and 3,584 above ground square feet in Denver. The second highest priced condo sold was $2,950,000 representing three bedrooms, four bathrooms and 3,120 above ground square feet in Denver. All of the listing and selling agents for the three transactions are DMAR members.
“It’s really astounding! The sales volume of luxury homes in the 11-county Denver Metro area was up more than 31 percent compared to this time last year,” stated Jill Schafer, DMAR Market Trends Committee member and metro Denver REALTOR®. “The $1,631,089,116 year-to-date sales volume is more than $1 billion – yes, that’s billion with a capital B – higher than it was at this point in 2014 when it was $624,407,260.”