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Denver home market smoking hot for sellers

By Dennis Huspeni May 5, 2021 | updated 4 years ago

April not only brought snow and showers, it brought record-setting returns for Denver home sellers, according to the latest numbers from the Denver Metro Association of Realtors.

There has not been a better time to sell a home in the Denver metro area.

The scarce inventory and sky-high selling prices continued last month as the market heads into its busiest time. Denver’s luxury home market saw the most growth.

“The question has become whether we are in an inventory shortage or a market based on hyperactive buyer demand,” Andrew Abrams, chairman of the DMAR Market Trends Committee, said in a statement.

“While the consensus is that there is more buyer demand than inventory, both the limited inventory and over-supply of buyers have made this market what it is today.”

March a record-setting month for home sales in Denver

Here’s a snapshot of the record-setting month:

  • Inventory stood at only 2,594 for detached single family homes and condominiums (attached single family). That’s up some from March, but down 62% year-over-year. That represents the lowest April on record since 2015, and not by a small margin at 43% less than that mark.
  • The average closing price clocked in at $623,825. That’s a large step up from March’s record-setting $587,484. In April 2020, the average sales price was $502,270.
  • Days on the market average dwindled to less than two weeks, 13 days. That’s down from the 19-day average in March and the 21-day average in April 2020.
  • The sales pace has ramped up 24% from a year ago, with 5,088 closings in April.
  • Metro Denver sellers are getting an average 105% of the list price.

“Since last year, the market has seen a steady rise in competition and therefore prices have as well,” Abrams said. “With only two weeks of inventory, year-over-year appreciation continues to be both staggering for the market while also bringing home sellers inevitably great returns, increasing 24.20% in April.”

As far as the luxury market (homes over $1 million), that segment increased more than any other. There were 1,353 closings through April, more than double the number the amount of closings in that time in 2018 (649), 2019 (654) and 2020 (661).

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Dennis Huspeni

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