June 2015 Denver Real Estate

June 2015 Denver Real Estate

DENVER – July 7, 2015 –  As is typical in the active summer months, sellers continued to bring to the market new listings of homes for sale. In June, 7,644 new listings came on the market, a one percent increase as compared to last month and four percent higher than June 2014.

Thanks in part to the continued influx of new listings, inventory levels saw an uptick in June. The month ended with 7,531 active listings on the market, nine percent more than last month. Still, Denver area inventory levels remain tight, 17 percent lower than June 2014. There continues to be about six weeks of inventory in the Denver Metro Area.

Demand for homes in the Denver Metro and surrounding area showed no sign of cooling as June home sales increased for the fifth consecutive month. During the month, there were 5,742 sold listings, a 16 percent month-over-month increase. However, sales were down six percent as compared to June last year.

“We saw additional inventory come to the market in June. Demand for homes continues to be high, which boosted sales to levels not seen since July last year,” said Kirby Slunaker, president and CEO of REcolorado. “Prices are rising at a moderate rate and, while inventory levels remain among the tightest in the country, increases seen in the past 90 days are providing a stabilizing factor for the market overall.”

Average home sold price saw a slight leveling off in June. The average sold price for a single family home was $373,905, flat as compared to last month, but still 12 percent higher than a year ago. The median sold price for a single family home in the Denver area remained unchanged from last month, at $325,000.

The average sold price for a single family detached home rose slightly in June to $417,253, relatively flat as compared to last month, but 12 percent higher than this time last year. The average sold price for a condo/townhome dipped slightly for the first time in 2015 to $261,212 in June, one percent lower as compared to last month and 16 percent higher than a year ago.

Homes continue to sell quickly. On average, Denver area homes for sale spent just 20 days on the market—one day less than last month and seven days less than last year.