PRESS RELEASE - May 2016 : Denver Real Estate Market & Housing Statistics

How's the Denver Real Estate Market?
Month-end Inventory, Average & Median Sales Prices, Days on Market (DOM), Price Appreciation, Sales Volume & More!
Should you consider buying or selling?
by Anthony Rael on Google+

Anthony Rael serves as Chairman of the Denver Real Estate Market Trends Committee on behalf of the Denver Metro Association of REALTORS® (DMAR) - an organization comprised of over 6,000 real estate professionals and The Voice of Real Estate® in the Denver metro area. DMAR's goal is to provide timely, consistent and relevant market statistics reports for our 6,000 REALTOR members as well as helping educate the general public on current market conditions. In addition to providing MLS trends and raw statistics for the 11-county area, our real estate reports include expert insight and analysis into the greater Denver real estate market - making it the most comprehensive report available - both locally and nationally. Anthony Rael also serves as a media spokesman for the Denver Region on behalf of the Colorado Association of Realtors (CAR). CAR publishes Denver Metro Region Housing Statistics & Market Trends as well as Colorado Statewide Housing Statistics & Trends. If you ever want to talk about the Denver Real Estate Market, you are welcome to contact Anthony Rael at 303-520-3179 anytime. Have a blessed day!

Denver Metro Real Estate Market Statistics & Trends Reports

For Immediate Release

This is a hot spring for the metro-Denver real estate market with inventory on the rise,
more homes under contract, and prices continuing to climb

DENVER – May 5, 2016 – Denver Metro Association of REALTORS® (DMAR) - an organization comprised of over 6,000 real estate professionals and 'The Voice of Real Estate in the Denver metro area' - released its May Denver Metro Real Estate Market Trends Report today. Compared to the previous month, the metro-Denver residential real estate market experienced increases in virtually every category including active listings, new listings, homes under contract, homes sold and closed, and overall sales volume. While the average and median sales prices were also up in April, it was only a 1.97 percent and 1.45 percent increase respectively.

“Close your eyes and imagine the opening chords to the Rolling Stone's song 'Start Me Up' and it will surely do two things – put a smile on your face and get you pumped up!” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “Our Spring real estate market gives me that feeling because it is off to a great start as evidenced by statistical increases in just about every category. I'm happy to report the rate of appreciation actually slowed down a bit which could indicate prices may be leveling off moving into the summer months.”

By the numbers, for the entire residential market (single-family and condos), April closed out with 5,221 active listings – representing a 16.49 percent increase in inventory over the previous month and 3.9 percent over the previous year. Month over month, new listings were up 11.93 percent to 6,387, homes under contract were up 9.17 percent to 5,153, and homes sold and closed were up 1.1 percent to 4,312. Average and median sold prices of homes edged up again from the previous month with smaller gains of 1.97 percent to $398,663 and 1.45 percent to $350,000 respectively. Total sales volume in the residential market year to date was approximately $5.7 billion, up 9.49 percent compared to 2015.

The single-family market saw new listings jump to 4,702, representing a 13.38 percent increase month over month. Average and median sold prices bumped up from the previous month with increases of 2.73 percent to $443,950 and 2.37 percent to $385,000 respectively. Year over year, single-family home prices were up 10 percent.

The condo market showed the supply of new listings increase 8.08 percent to 1,685 units over the previous month, while the average and median sold prices posted mixed results of -0.07 percent to $286,606 and increased 2.13 percent to $240,000 respectively. Year over year, condo average and median sold prices were up 12.07 percent and 17.07 percent respectively.

DMAR’s monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In April 99 homes sold and closed for $1 million or greater – up 22.22 percent from the previous month and up 33.78 percent year over year. The closed dollar volume last month in the luxury segment was $153,074,988, up 26.73 percent from the previous month and up 32.2 percent year over year.

“The luxury price range is heating up the fastest,” states Jill Schafer, DMAR Market Trends Committee member and Denver real estate agent. Year to date, total sales volume in the luxury market increased 26.43 percent compared to 2015 and 58.56 percent compared to 2014. While the luxury condo market got doused month over month with the number sold down 28.57 percent from March, year to date the number sold is up more than 72.22 percent from 2014 and 2015.

“While the luxury market is getting stronger, this is still the only price segment where the homebuyers are in control with 8.56 months of single-family inventory at the end of April, and 16.4 months of luxury condo inventory,” comments Schafer.

She adds, “Sellers in the Premier Market are smiling these days too. The number of single-family homes sold in this price range between $500,000 and $749,999 was steady from March to April, but compared to this time last year and the year before things looked sunny. The number of Premier Market single-family homes sold so far this year is up 17.69 percent from 2015 and up an impressive 65 percent year to date compared to 2014.”

The highest priced single family home sold in April was $3,950,000 representing six bedrooms, nine bathrooms and 8,591 above ground square feet in Cherry Hills. Both the listing and selling agents are DMAR members. The highest priced condo sold was $1,650,000 representing four bedrooms, four bathrooms and 3,540 above ground square feet in Denver. The listing agent is a DMAR member.

The DMAR Market Trends Committee releases reports monthly, highlighting important trends and market activity emerging across the Denver metropolitan area. Reports include data for Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park counties. Data for the report was sourced from REcolorado® (May 4, 2016) and interpreted by DMAR.

For more information, please visit dmarealtors.com. Follow the latest updates from the Denver Metro Association of REALTORS® on Twitter (@DMARealtors using #dmarstats), Facebook and Google+.

About Denver Metro Association of REALTORS®
Denver Metro Association of REALTORS® (DMAR), The Voice of Real Estate® in the Denver metro area, is a membership-based organization comprised of over 6,000 real estate professionals in the Denver metropolitan area. The association offers continuing education, advocacy for the real estate community and is a resource for industry news and market statistics. DMAR produces a monthly market trends report which provides trends, analysis, and insights to data sourced by REcolorado® for the Denver-area housing market. For more information, visit www.dmarealtors.com or call (303) 756-0553.

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Media Contact:
Andrea Kalmanovitz
Decibel Blue Creative Marketing & PR
On Behalf of the Denver Metro Association of REALTORS®
O: 303-242-5855
C: 602-980-2040
andrea@decibelblue.com

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Anthony Rael serves as Chairman of the Denver Real Estate Market Trends Committee on behalf of the Denver Metro Association of Realtors (DMAR). DMAR's goal is to provide timely, consistent and relevant market statistics reports for our 6,000 REALTOR members as well as helping educate the general public on current market conditions. In addition to providing MLS trends and raw statistics for the 11-county area, our real estate reports include expert insight and analysis into the greater Denver real estate market - making it the most comprehensive report available - both locally and nationally. Anthony Rael also serves as a media spokesman for the Denver Region on behalf of the Colorado Association of Realtors (CAR). CAR publishes Denver Metro Region Housing Statistics & Market Trends as well as Colorado Statewide Housing Statistics & Trends. If you ever want to talk about the Denver Real Estate Market, you are welcome to contact Anthony Rael at 303-520-3179 anytime. Have a blessed day!

Denver Metro Association of REALTORS®
The Voice of Real Estate® in the Denver metro area

Read: May 2016 Denver Real Estate Market Statistics & Trends Report

Read: May 2016 Denver Real Estate Market Statistics & Trends Report

NOTES:
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

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What are Months Supply of Listings?

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