Denver Housing Market Report May 2021: What's Going On With Denver Real Estate Market Today?
The latest Greater Denver real estate market report is OUT!
It is important to understand what is happening currently in the Greater Denver housing market and as well as why it is happening if you are thinking of buying a home in Colorado this 2021. Real estate market reports are only the beginning of the process of understanding the changes, opportunities, and challenges in the Greater Denver real estate market. My Colorado Move is here to dive deep into these numbers with you.
Greater Denver Housing Market Report
The Greater Denver real estate market has been hot, hot, hot. April 2021 depicts increased opportunities in an extreme real estate market, with the Luxury Market showing the possibility for buyers who outlast the fatigue of competition to find themselves with more options that they have seen in months. There are more buyers looking for Denver, Colorado houses than there are houses available in the Greater Denver area right now. The Denver housing market report for May 2021 continually shows a very strong seller's real estate market month after month. In April 2021, there were 1,640 single-family detached active homes on the market compared to last year's 4,576. However, there were 4,662 new homes listed on the market which showed a 40% increase compared to the previous year. There were also 3,586 single-family detached homes that were sold in April 2021 which also showed a 25% increase compared to the previous year. Detached single-family homes are also being sold quickly with a shocking average of only 10 days of being live on the market.
Denver housing prices in today's real estate market soared more in April than in the previous month. Based on the recent release of Andrew Abrams, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®, the April 2021 Denver real estate market saw a month-over-month appreciation of 4.28%. The average house price in Denver for single-family detached homes was $699,039 in April while the median price was $585,000, up 23% year-over-year. Single-family detached homes saw a 3% percent increase in closed sales compared to the previous month. It simply keeps going up. Historically, the Greater Denver real estate market has seen annual inventory reach its low point in February and March. Based on the Denver housing market forecast for 2021, it will be followed by increased listing activity until the market hits its inventory peak in August and September.
Buying or Selling a Home in Colorado
If you are planning to sell your home in Colorado, now is the best time as you can expect multiple offers. On the other hand, if you are planning to buy a home in Colorado, it can be challenging as there is a lot of competition. You deserve a real estate agent who has a proven strategy, a strong negotiator and backed with experience to help you be successful in today's challenging Denver real estate market. If you are looking for great homes for sale in Denver, we can help you.
Our goal is to help our clients understand how these changes impact them to be able to create a strategy to benefit from the current Denver housing market. It is still definitely a great time to sell and move up to buy in many Denver communities with today's historic low-interest rates.