Record Amount of Under Contracts
Here are the home sales results for April for the 7 county metro Denver area I received from SMDRA.
Sellers sold 4,499 homes and condos last month, a small 1% decrease from last year.
Homeowners placed 6,416 new homes and condos for sale last month, an increase of 5.1% from last April.
We ended April with 5,027 homes and condos for sale, a 3.3% decrease from last April.
This puts months of inventory at 1.11 months.
Buyers placed 5,764 homes and condos under contract last month, a big increase of 7.1% from last year and an even bigger increase of 14.5% from 2016. This was the biggest number of under contracts we have seen since at least January 2016.
The average sold price last month for attached homes was $351,705, a yearly increase of 11.3%.
The average sold price last month for detached homes was $536,160, an 11.4% increase from a year ago.
Combined, average home prices rose 11.5% to $481,795
The median sales price of attached homes was $294,750, an increase of 10% from last April.
The median sales price of detached homes was $451,311, an increase of 8.7%.
Combined the median sales price rose 9.2% to $415k.
The Sale to List Price Ratio was 100.9%.
Average CDOM dropped by 2 days from last April to 32 days.
Median CDOM remained steady at 5 days, just like the last 2 years.
Median CDOM was below 10 days for every price point below $1 million except for homes < $100k at 14 days and the $600k price range at 10 days.
Median CDOM for homes priced in the $1 million range was 15 days, for homes in the $2 million range median CDOM was 29 days, for homes priced in the $3 million range median CDOM was 102 days, and for homes priced over $4 million median CDOM was just 25 days.
If you are looking for a deal, look in the $3 million price range.
So far this year 14,798 homes and condos have sold, the 2nd highest rate in the last 6 years.
So far this year 83.6% of buyers have either paid cash (15.9%) or closed on a conventional loan.
We have had 20,629 new listings so far this year, the highest amount we have seen since 2013; but only be 1.3%.
So far this year, average homes prices are up $40k since January!
So far this year median sales prices are up $35k since January.
Number of homes sold by price range—
< $300k—869 homes and condos sold
<$400k—2,057 homes and condos sold
<$500k—3,056 homes and condos sold
From $500k–$1 million—1,257 homes and condos sold
>$1 million—186 homes and condos sold
New listings last month by price range—
<$300k—1,069 homes and condos listed
<$400k—2,734 new homes and condos listed
<$500k—4,186 new homes and condos listed
$600k–$1 million—1,902 new homes and condos listed
>$1 million—328 new homes and condos listed
Surprisingly at each price point we had more new listings for sale than we did sales for the month by a fairly sizable margin.