The Denver Metro Association of Realtors has released their DMAR Real Estate Market Trends Report for June. And no surprise to those of us in the real estate field that housing prices are continuing their rise.
What may be a bit surprising is that in May there were 179 homes priced over a million dollars each that sold and closed. This is up about 38% over last year for the month of May.
Here are a few more facts from the report:
- Of the available listings on the market, only 41 percent are priced below $500,000
- Average home prices in the Denver area have continued an upward climb to a new high of $449,736
- There were 5,895 active residential listings (single family and condos) in May, up 9.96 percent from the month prior and up 7.91 percent year over year
- New listings to the market also increased month over month by 9.82 percent and year over year by 6.39 percent
- The Luxury Market is “hot,” and so too is the Signature Market comprised of homes priced between $750,000 and $999,999
There is good news we can take away from this report.
There were more houses put on the market in May, so that is going to help with inventory. And if you are looking into the luxury home market, it is a safe bet to buy now, as you will see this trend continue.
And, if you are curious about what kind of home you get for five or even ten million, take a look at this article from Curbed featuring the 5 most expensive homes in Denver. And why wouldn’t you drop $10,475,000 for a penthouse if it came with “… 24/7 concierge valet, and porter service, and a 1,200-square-foot rooftop garden patio with views of the Rocky Mountains and downtown skyline.”
For the rest of us, the market is good and getting even better. Yes, it can be a challenge to find the perfect home in a hot market, but it can be done. I am here to help you before you start your search.
Tricia Houston, Owner
Lending Maven Mortgage
Colorado native and Stapleton resident
You have questions about getting a mortgage, and I have the answers.