More Homes Selling in Higher Price Range in Denver-Area than Lower Price Range
April’s Market Trends Report examines the rapid appreciation of Denver housing prices in a market without enough supply for the demand. Detached single family homes sold year to date reflect this appreciation: 10% less units have been sold under $500,000 while 34% more units have sold above $500,000. Said Anthony Rael, Chair of the DMAR Market Trends Committee:
“This demonstration of ‘the mix’ – more units in higher price ranges selling that the lower range – affects the average price of sold homes.”
According to the report, the inventory of available homes (single family and condos) for sale is 4,112 at March month-end, 5,823 homes came onto the market 5,139 were placed under contract, and 3,904 homes closed at a median sold price of $315,000 and an average sold price of $358,327. The resulting closed dollar volume in April was $1,398,906,749.00.