May 2018 Housing Market Statistics
As peak home buying and selling season comes to Denver, the housing market continues its fast pace. The latest housing market data from REcolorado show a seasonal increase in the number of home listings in the Greater Denver Metro Area.
Throughout May, 5,620 homes sold, 4% lower than last year, but up 14% from April. Year to date, sales are just 2% lower than 2017 figures.
In addition to strong home sales, May saw a lift in the number of homes going under contract. Throughout the month, contracts were placed on 6,138 homes, a 5% increase from last month.
Home Sales Year-Over-Year Change
May 2017 -- 5,620
The average price of a single family home inched up to $487,480 in May. Year over year home prices are up 11%; however, compared to last month, prices are flat following a significant month-over-month increase that took place in April.
The price of a single-family detached home saw a decrease for the first time this year, down 1% to $536,535. Prices of condos/townhomes increased 1%, to an average of $356,965.
Sold Prices Year-Over-Year Change
May 2017 -- $440,283
New and Active Listings
In May, we continued to see a seasonal increase in the number new home listings. Throughout the month, 7,754 new listings hit the market, 7% more than this time last year and 12% more than last month.
Driven by the increase in new home listings, the number of active listings of homes for sale at the end of May reached 6,164, 3% lower than this time last year, but 9% higher than last month.
New Listings Year-Over-Year Change
May 2017 -- 7,256
Average Days on Market
The amount of time a home is spending on the market in the greater Denver metro area decreased once again. In May, homes spent an average of 27 days on the market, 2 days less than this time last year and 1 day less than last month.
The median number of days a home spent on the market in May was just 5, 1 day less than last year and unchanged from last month.
Days on Market Year-Over-Year Change
May 2017 -- 29 days
The Greater Denver Metro Market by Price Range
In May, the $300,000 to $500,000 price ranges saw the most activity with 50% of all sales and 48% of all new listings. During the month, 72% of new listings that came on the market resulted in a sale, demonstrating continued strong demand. Homes are selling quickly across all price ranges. Half of the homes sold in May were on the market 5 days or less.