May 2015 Denver Real Estate Market Statistics & Trends Report
for April 2015 MLS Statistics - Download the Press Release -

"Denver's sub-$300,000 real estate market is blistering-hot this spring! As pent-up demand for housing in this price range continues to outpace the inventory of available homes, the term "seller protection" has made its way into the vocabulary. The term, which contractually obligates a buyer to pay the difference between the appraised value versus the contract price – thus protecting the seller, has become an unwelcome thorn in the backsides of real estate practitioners and their buyers. While the practice is not one I condone or advocate for, buyers who are desperate enough and have the financial means to do it are writing offers significantly above list price and opting to waive the appraisal contingency. They are doing so in order to have their offers elevated to the very top of the multiple-offer pile. For those who can afford it, hedging this bet has proven to be a beneficial strategy as they've watched home prices edge up for 38-straight months. For those who cannot, the imbalance in the current marketplace often leaves high-qualified buyers with a sinking feeling when they realize there's nothing else they can do to compete for a home. However, as more homes become available for sale, this will help cool things down and move us toward a more balanced and common-sense market.

Let's dig into the numbers. April 2015 showered thousands of anxious buyers with 7,059 new listings – a 21% increase over the previous month and 6% more than April 2014. Even as Denver's housing inventory was replenished by an abundance of new properties, 5,605 were placed under contract rather quickly and 4,465 sold and closed. We closed out the month with 5,025 active listings - which was 22% more than the previous month, but that was still 20% less than what we had to offer in April 2014. As we look at the month-over-month Detached Single Family Home market, we saw a 24% spike in new listings while the average sold price increased nearly 1% to $404,206 and the median price increased 1.5% to $350,000. The Condo market also showed a slight increase in supply of new listings representing a 14% increase over the previous month, while the average sold price actually decreased by nearly 1% to $255,523 and the median price also decreased by nearly 1% to $207,000. For the entire residential market, under contracts are up 9%; sold listings are up 3.24% and total sales volume was $1.7B representing a 8.24% increase over 2014. Current Days on Market (DOM) fell sharply from the previous month by 28.21%, or 31 days for single family homes and 20 for condos.

I encourage my fellow REALTORS to be mindful of and look deeper into DMAR's 'Market Trends Report' before broadly painting the entire Denver area as a "sellers market" because that's not necessarily the case. Once you get into the $400,000 and up price points, there is more inventory to choose from and, in many cases, room to negotiate. Additionally, for sellers in the sub-$300,000 range who are ready to "buy-up" in the market, this presents a wonderful opportunity to maximize their equity and put a larger down payment on the home of your dreams. Lastly, keep doing things the right way for the right reasons because this market will change someday and all you'll be left with is the integrity and professionalism you demonstrated when things were tough.”

- Anthony Rael, Chairman - Denver Metro Association of REALTORS Market Trends Committee

Download the Full Report & Press Release
  DMAR Real Estate Market Trends Report - May 2015 -
  DMAR May 2015 Market Trends Press Release -

Media Coverage
  "Average Denver-area house sale prices hit all-time high” - Denver Business Journal - 5/4/2015
  "Average metro Denver home sale hits record high in April: $402,302" - Denver Post - 5/5/2015
  Denver Real Estate Watch - "April home prices set record" - 5/6/2015
  "New listings 40% higher than home inventory" - Denver Real Estate Watch - 5/14/2015

Archived Denver Real Estate Market Trends Monthly Reports
  April 2015 - Denver Real Estate Market Trends Report
  March 2015 - Denver Real Estate Market Trends Report
  February 2015 - Denver Real Estate Market Trends Report
  January 2015 - Denver Real Estate Market Trends Report
  December 2014 - Denver Real Estate Market Trends Report
  November 2014 - Denver Real Estate Market Trends Report
  October 2014 - Denver Real Estate Market Trends Report
  September 2014 - Denver Real Estate Market Trends Report
  August 2014 - Denver Real Estate Market Trends Report
  July 2014 - 11-Denver Real Estate Market Trends Report
  June 2014 - Denver Real Estate Market Trends Report
  May 2014 - Denver Real Estate Market Trends Report

NOTES:
Interview requests from the media should be directed to DMAR's Marketing Communications at (303) 300-8490
MLS stats are tracked in arears, so the published report is for the previous month-end activity
The DMAR 'Premier Market' is defined as $500,000 to $749,999
The DMAR 'Signature Market' is defined as $750,000 to $999,999
The DMAR 'Luxury Market' is defined as $1,000,000 and over
11-Counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson & Park
Research:  Denver Metro Association of REALTORS® Market Trends Committee
Source of MLS Data: REColorado.com

Glossary of Terms for Real Estate Stats
What is Median Sale Price?
What are Active Listings?
What are New Listings?
What are Sold Listings?
What is Pending/Under Contract?
What are Days on Market?
What is the Affordable Housing Index?
What are Months Supply of Listings?

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