May Denver home inventory flew off the market

The average single-family home in May sold for more than $700K, and was off the market in eight days, according to Denver Metro Association of Realtors' latest report.

Why it matters: It continues to be a seller's market because supply can't catch up with demand.

The details: In recent months, condos and townhouses sat on the market a little longer than single-family homes. And with less demand for attached housing, prices were slightly lower for those properties.

• In May, buyers scooped up those deals. Inventory for attached homes is now at a historic low, down nearly 70% from last year.

The big picture: You're look at an expensive, competitive market at every price point and home style now.

By the numbers:

• The median home sale price was $540K and average was $623.3K, up 22.8% and 26.1% year-over-year, respectively.
• Homes went off market within 11 days on average, more than twice as fast as May 2020.
• There were roughly 400 fewer new listings in May compared to April.

Of note: On average, sellers received 105.9% of list price, meaning most buyers paid at least 5% over asking in May. A year ago, buyers typically received 99.4% of asking.

The bottom line: Denver's housing market continues to move at record speed and doesn't appear to be slowing down anytime soon.