Jun 7, 2021 - News
May Denver home inventory flew off the market
Illustration of a "for sale" sign with a digital clock counting down from 5 seconds, then showing the blinking word "sold."
Illustration: Brendan Lynch/Axios

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.

avatar

Get more local stories in your inbox with Axios Denver.

More Denver stories

No stories could be found

Denverpostcard

Get a free daily digest of the most important news in your backyard with Axios Denver.