Construction of Reunion homes at 104th and Reunion Pkwy on Dec. 28, 2017 built by Oakwood homes. Single-family home construction should represent a larger share of housing permits in 2018 as builders continue to play catch up with an undersupplied market.
The peak spring home-selling season is in full swing in metro Denver, but it is proving to be a much tamer affair this year than last.
Sellers listed more homes in metro Denver and buyers purchased fewer of them last month compared to April 2018, according to a monthly update from the Denver Metro Association of Realtors.
The inventory of properties available for sale at the end of April was up to 7,012, nearly 36 percent higher than a year ago and 11.4 percent higher ahead of March.
“That is significant, yet we are in a seller’s market in every single price range,” Jill Schafer, chairwoman of the DMAR Market Trends Committee, said in comments accompanying the report.
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At the current pace of sales, there is only about six weeks inventory of homes and condos listed for buyers in metro Denver, she said. A balanced market is achieved at around five to six months of inventory.
Homes are taking longer to sell, spending a median 12 days on the market last month compared to six days a year ago. But even 12 days remains a fast market. The average days on the market for single-family homes is at four weeks, up from 22 days a year ago.
Buyers closed on 4,675 homes and condos in April, down 7.2 percent from a year earlier, but up 4.2 percent from March. Some of April’s activity looks like it will spill into May, given a sharp 18.8 percent rise in properties put under contract during the month.
The median price of a single-family sold in April in metro Denver came in at $460,000, which is up 0.5 percent from April of 2018 and 2.2 percent from March. The median price of a condo sold came in at $305,000, up 2.2 percent over the year and 1.7 percent from March.
The luxury end of the market, which covers properties priced above $1 million, showed the biggest percentage increase in sales in April, while the biggest declines were in single-family homes priced under $299,999.