The average price of a single-family home sold in metro Denver is now over $500,000 for the first time.
“Our housing market is showing few signs of slowing down as prices continue to surge upward. For the first time, the average sold price for detached single-family passed the half-million mark settling at $502,986. This may represent a psychological barrier for some buyers wishing to enter the market. Some good news for buyers was the month end inventory. Active listings for the residential market finished 5.56 percent higher than last month and 5.31 percent higher than February last year. This is good news as we normally see a small seasonal decrease this time of year.”
-Steve Danyliw, Chairman of the DMAR Market Trends Committee
Things to note from The Denver Metro Real Estate Market Trends Report for March 2018:
- According to a recent Westword article that compared the increasing costs of housing and childcare, average weekly wages adjusted for inflation- have only risen $33 since 2000 (read that article here.
- Some former Denver residents who have moved out of Colorado are finding that they’re now priced out of the market and their dream of “moving home” may not be in the cards.
- Denver metro homebuyers need an average annual salary of $79, 180.65 in order to afford a median-priced home.
- As buyers are placing offers over list price, appraisers are struggling to keep up with the market and are oftentimes appraising the property below the contract price.
Read The Denver Post article on this topic here.