Nearly 38 percent more homes priced over $1 million sold this May than during May 2016, according to the latest trend report from the Denver Metro Association of Realtors. The total 179 homes that sold in that price range is a record, DMAR says.
That’s an increase over 21 percent from April, DMAR notes. Plus, instead of the normal increase in the available homes costing over $1 million, the inventory fell.
Still, this doesn’t put Denver in the leagues of Vancouver or Toronto, cities famed for their red-hot luxury real estate markets. So let’s move on to the type homes that I’ve actually set foot in — the much cheaper ones.
DMAR says that 41 percent of residential real estate listings are priced under $500,000, but that range counts for 74 percent of sales. So buying a house in that range is particularly tough. No surprise that’s where some of the biggest overbids happened last week, too.
If even $500,000 sounds a little too expensive to you, DMAR says that the hottest price range is $300,000 to $399,999. Again, the median price for all overbids last week was $355,000, so this fits in with other Denverite coverage.
All this settles in for an median single-family home price of $418,000 during May. For condos, the median is $270,000. Good luck out there, buyers.