PRESS RELEASE : June 2016 : Denver Metro Association of REALTORS - Denver Real Estate & Housing Market Report

How's the Denver Real Estate Market?
Month-end Inventory, Average & Median Sales Prices, Days on Market (DOM), Price Appreciation, Sales Volume & More!
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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. If you want to talk about what's happening in the Denver Real Estate Market, contact Anthony Rael at 303-520-3179 anytime.

Denver Metro Real Estate Market Statistics & Trends Reports

For Immediate Release

Metro Denver Sets Record-Low May for Housing Inventory
Denver housing inventory historically peaks in late summer, but that may not happen if the market continues at its current pace

DENVER – June 3, 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 June Denver Metro Real Estate Market Trends Report today. Homes on the market hit a new record low for the month of May at 5,463 active listings. As reference, the average number of active listings in the month of May is 16,981 (1985-2015). The record high May was in 2006 with 30,457 listings, and the now former record low May was in 2015 with 5,657.

“Ongoing inventory shortages are now spreading across the country,” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “And here we are setting yet another new record low for inventory in May.”

“While active listings are only down 3.43 percent year over year, this is the time of year when inventory levels traditionally peak in late August and September,” according to Rael. “If things continue at this pace, that's certainly not going to happen and the unprecedented real estate rat-race in the Denver-area will roll on like a Harley on its way to Sturgis.”

By the numbers, for the entire residential market (single family and condos), the total sales volume was $7.8 billion year to date, up 8.52 percent compared to last year. Month over month, 6,788 new listings came on the market (up 6.28 percent), 5,857 homes were placed under contract (up 13.66 percent) and 4,861 homes sold and closed (up 7.40 percent). The month closed with 5,463 active listings – representing a 4.64 percent increase in inventory over the previous month – but a decrease of 3.43 percent over the previous year. Average and median sold prices edged up again from the previous month with appreciation gains of 3.72 percent to $412,433 and 3.43 percent to $362,000 respectively.

For the month-over-month single-family home market, new listings jumped to 5,038, representing a seven percent increase over the previous month. Average and median sold prices bumped up from the previous month with increases of 3.07 percent to $456,018 and 3.55 percent to $398,000 respectively. Year over year, the single-family average sold prices were up an average of 8.34 percent. The condo market showed the supply of new listings increased slightly at 3.86 percent to 1,750 units over the previous month, but that was a steep decrease of 10.53 percent from the previous year. The average and median sold prices posted gains of 5.10 percent to $300,348 and 2.08 percent to $245,000. Year over year, average sold prices were up 15.19 percent and 13.69 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 May 127 homes sold and closed for $1 million or greater – up 25.74 percent from the previous month and up 7.63 percent year over year. The closed dollar volume in May in the luxury segment was $191,203,453, up 22.49 percent from the previous month and up four percent year over year.

The highest priced single family home sold in May was $6,705,241 representing five bedrooms, nine bathrooms and 8,038 above ground square feet in Highlands Ranch. The highest priced condo sold was $3,483,269 representing three bedrooms, four bathrooms and 3,616 above ground square feet in Denver. The listing and selling agent for the transaction is a DMAR member.

“We hit new highs in the Metro Denver luxury real estate market in May,” said Jill Schafer, DMAR Market Trends Committee Member and Metro Denver real estate agent. “The highest priced sale recorded since the first shovel of dirt was turned over in the southern metro suburb of Highlands Ranch, is also the highest price per square foot sold in May. The sale was finalized for a new Highlands Ranch record of $6,705,241, which is a whopping $834 per above ground square foot.”

That sale was more than three times the average price per square foot for homes priced over $1,000,000 that closed in the Denver-area in May, $261 per square foot being the average. “As prices climb higher and higher, I think we’ll be seeing a lot of new records throughout the metro area,” comments Schafer.

The highest price per square foot for an attached home that sold in May was a 6th floor condo at the tony 250 Columbine in Cherry Creek North. “At 3,616 square feet, the price per square foot works out to be $963,” states Schafer. “That’s 1.7 times the average price per square foot for a condo year to date.”

Schafer adds, “In the single-family Luxury Market, sales were up more than 21 percent year to date in May and attached homes were up 50 percent year to date. It gives a whole new twist to the moniker The Mile High City.”

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® (June 2, 2016) and interpreted by DMAR.

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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!

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

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

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

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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Anthony Rael of RE/MAX Alliance speaking on behalf of the Denver Metro Association of REALTORS

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