May 2019 Housing Market Statistics
With a surge of new listings, May saw increased activity in the Denver Metro Area housing market compared to both last month and last year.
A plentiful supply of housing translated into another strong month for home sales throughout the Denver Metro area. With 6,000 homes sold in May, sales of single-family homes saw increases of 2% year over year and 17% month over month. That marks the fourth straight month of positive sales this year. Year to date, sales are just .2% lower than this time last year.
In May, contracts were put in place on 6,426 homes, up 10% from last year and 5% higher than last month.
Home Sales Year-Over-Year Change
May 2018 -- 5,905
The average sold price of a home moved past the half million dollar mark in May reaching an all-time high of $503,337, an increase of 3% from last year and a 2% increase compared to last month.
Single-family detached homes sold for an average price of $553,278, up 2.5% year over year. The price of condos/townhomes was up 6% from May 2018, at an average of $378,964.
Sold Prices Year-Over-Year Change
May 2018 -- $489,394
New and Active Listings
Inventory levels were pushed up in May as a result of sellers continuing to bring new listings to the market. Throughout the month, the market saw 8,789 new listings of homes for sale, 13% more than last year and 17% more than last month. Year to date, new listings are up 8% compared to last year at this time.
The count of active listings of homes for sale at the end of May was 8,516, 38% higher than last year and 8% higher than the end of last month.
We currently have 6 weeks of inventory, 1 week less than last month, and 1 week more than last year at this time.
New Listings Year-Over-Year Change
May 2018 -- 7,763
Average Days on Market
In May, homes spent an average of 36 days on the market, 6 days less than last month but 7 days more than this time last year. On average, single-family detached homes were on the market 28 days, while condos/townhomes were on the market 57 days.
The median amount of time a home spent on the market in May was 8 days, 2 days more than this time last year.
Days on Market Year-Over-Year Change
May 2018 -- 29
The Greater Denver Metro Market by Price Range
The May housing market saw the most activity in the $300 to 500,000 price ranges, with 47% of all new listings and 49% of sales. At the end of the month, 35% of all active listings were priced between $300,000 and $500,000. Homes in these ranges are in high demand, spending an average of only 25 days on the market.