Home prices jump to a new record high – May 2018

Real Estate

In April, the average price for both detached single family (DSF) homes and attached single family (ASF) homes increased by around 11 percent from a year ago and reached the highest price on record. Factors contributing to the earlier and more rapid price appreciation include:

 

·        Active inventory – while up from the previous month – remained well below levels needed for a balanced market;

·        Average days on market dropped again for both DSF and ASF;

·        The percentage of homes under contract in 7 days or less increased to 62 percent for DSF and 65.5 percent for ASF; and

·        More than three quarters of homes sold at or above asking price.

 

With prices accelerating faster in 2018 than previous years, buyers are encouraged to be prepared to act fast with strong offers and consider house hunting over the slower holiday weekends. For sellers, it is important the home is priced right and effectively staged and promoted to avoid the home lingering on the market for more than a few weeks and requiring a price reduction.

 

If you need any advice or assistance navigating our real estate market, contact me today at 303.710.5817 or ladawn.sperling@coloradohomes.com. I am never too busy for your referrals.

 

This update is based on information from REColorado®, Inc. provided by Land Title for the period of April 1, 2018, through April 30, 2018, for Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert and Jefferson Counties. Note: This representation is based in whole or in part on content supplied by REColorado®, Inc. REColorado®, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by REColorado®, Inc. may not reflect all real estate activity in the market.

May18MarketAnalysis-LaDawn