With buyers fighting over low inventory, the median price for a home in the Denver area in July shot up 7 percent year over year to a record high $460,140.
The previous high for the median closed price was set in March and tied in June at $445,000, according to the Denver Metro Association of Realtors.
The realtors group said 7,620 homes were put on sale last month, up 3.56 percent over June and 14.85 percent over last July. By month’s end, 6,449 homes were listed for sale, pretty much flat over the previous month and down 31 percent from July 2019.
Demand may have been building while people stayed at home early in the pandemic. Sellers last month were getting multiple offers at or above asking price, the realtors group said. Jill Schafer, who chairs the group’s Market Trends Committee, said in a statement accompanying the report that the area’s real estate market was not slowing despite the pandemic’s effect on the overall economy and changes in the way business is done to try to slow the spread of disease.
“It doesn’t look like you’ll see activity or prices coming down soon,” Schafer said. “It will be interesting to see if our usual fall slowdown happens this year.”
The report covers 11 counties, including Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.