The Denver Metro Association of Realtors released its February report, and the average price for single-family homes skyrocketed to $500K!
If you think homes in Denver are expensive, well, you'd be right. In fact, a home in Evergreen recently sold for $5,100,000, making it the most expensive in the Denver metro area (or just outside it)! And according to the Denver Metro Association of Realtors, the average price for residential properties -- single-family detached homes AND condos -- is only continuing to grow. Not in the millions, obviously, but there's definitely a noticeable increase. The average price for residential properties was $400,000 in February, while single-family homes hit half a million dollars and condos averaged at $300,000. This is an increase of nearly four percent from January 2018 and more than 12 percent from February 2017, where the average was just under $360,000. [caption id="attachment_34458" align="aligncenter" width="852"]
Courtesy of Denver Metro Association of Realtors[/caption]
Not only are prices increasing with each passing month, but the number of active listings has risen to 4,084 -- a 5.5 percent increase from January 2018 and 5.31 percent increase from February 2017. Single-family homes jumped 3.32 percent and condos more than 11 percent.
Though, to compare, the historical average number of active listings for February is typically 14,000 or more. So not a huge rise, but it is slowly increasing from month to month.
You can review the full trends report by the Denver Metro Association of Realtors HERE.
What do you think? Are you surprised by the increase? Or not at all? Let us know in the comments below, and let's get the conversation started.