May Market Update
Market Conditions are Prime for Selling a Home: Monthly Overview
Denver has seen an increase in the number of homes sold from April to May as well as an increase in the amount of listings on the market. The average price of a home has increased since last year, and on average, sellers are retaining 99.9% of their original asking price. The Denver housing market’s increasing home saturation and sales price trends are creating a competitive selling market. Homeowners are on average selling their home within 23 days of listing. These and other statistics show that market conditions are prime for selling a home. The individual breakdown of each statistic is shown below.
Inventory of Homes:
In the surrounding Denver area, the frequency of new home listings has increased 10.5% from last year while active listings have increased 6.4% from last month. With 8686 homes on the market, this market saturation means that potential buyers have more homes to choose from. A saturated market creates flexibility and options for buyers.
Average Sold Price:
The average price of a home is currently $474,840 which is a 9.5% increase from last May. Homeowners are on average making more money off their homes than in previous years. This increase in price will continue to encourage homeowners to sell their property.
More homes are being sold each month. 6782 homes were sold in the Denver area this May. This is a 16.8% increase from last month and a 1.1% decrease from last year.
Average Sale-to-List Ratio:
Homes are being sold near their original listing price. This is great news for homeowners because it assures that the value of their home is guaranteed. On average, homeowners are making 99.9% of their home’s original asking price.
Average Days-on-Market Before Sale:
Homes are staying on the market an average of 23 days before being sold. Closings are occurring 4.2% faster than last May but are occurring 8.0% faster than April. Homes are being sold more quickly indicating there is a high demand in the market.
Average List Price per Square Foot:
The average price per square foot in Denver is $211 and has increased 8.8% from last year. This increase in value indicates that Denver’s housing market is becoming more expensive which may cause homeowners to consider selling.