The Denver metro real estate market remains red hot, with houses selling faster and commanding higher prices in May over April.
According to statistics released by Metrolist, Inc., houses took an average of 31 days to sell in May, compared to 37 days in April. This represents a 16% decrease in days on the market from May of 2013. Condos similarly sold at a quick pace: in 25 days in May compared to 36 days in April. This represents a 29% decrease in the number of days condos spent on the market from May of 2013.
Sales prices, already on the rise, continued their upward push, showing a 6% increase for houses and a 3% rise for condos over last year in May. The average home price was $383,600, compared to 366,300 in April; the average condo price was 233,600, compared to 227,200 in April.
Perhaps the only good news for buyers is that the May statistics showed a slight increase in the number of homes on the market, breaking a five-month streak of declining inventory. This could bring some small relief to the upward trends in the market. There were 5,000 houses on the market in May vs. 4,300 in April and 1,400 condos vs. 1,200 in April. This represents a 3% increase in the number of homes on the market over last year and a 1% decrease in the number of condos on the market over last year.
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