Home prices might fall in a couple of years, but in the meantime, Denver real estate has hit a new high, according to the Colorado Association of Realtors.
Yep, in March, the median price for a Denver metro single-family reached $400,000 and that’s a record, CAR says. Though their metrics don’t include “For Sale by Owner” or new construction.
Higher and higher home prices certainly aren’t helped by the low supply of homes, which just seems to fall further and further.
So if all Denver metro homes available for sale sold, they would be gone within a bit over a month, CAR says. According to their calculations, Denver has only a 1.3 month supply of inventory compared to 1.9 months statewide.
Low home supply also exacerbates how fast the homes sell. Statewide, it takes an average of 54 days for residential homes to sell, according to CAR. But the Denver metro market has a lower average of 31 days.
That means sight-unseen offers and more, according to Denver-area realtor Matthew Leprino.
“The once unheard-of inspection-waiver or appraisal reserve no longer distinguish buyers as they once did,” he said in a CAR release.