Average housing prices are becoming further out of reach almost daily in Denver -- and soon, possibly, into seven digits.
The latest projection from the Colorado Association of Realtors is that by Memorial Day, the average single-family home price might reach $1 million. For a freestanding home, the average price rose from $810,0914 in February to a staggering $918,850, so seven figures isn't that hard to imagine.
While these numbers are unnerving to buyers, they should be taken with caution. Average home price isn't as useful a measure in assessing what's happening in the market as median home price.
But here's the rub: The median home price for a freestanding home is super high too. That shot up from $659,000 in February to $745,000 in March, according to the report.
"The month-to-month data isn't something we usually follow, preferring rather to look at the greater picture and the year-over-year numbers, but that simply doesn't work like it used to," explained Denver realtor Matthew Leprino in a statement. "As all real estate is local, so-too is the statistics reporting game -- more like all of real estate is monthly nowadays."
And if monthly trends continue to rise at even half the current clip, sales prices will hit that million-dollar Memorial Day average housing price projection.
"With the 'million' number beginning to be knocked around in our minds, we know that, barring anything else rising to this level of growth madness, we will reach that average number milestone sooner rather than later," Leprino added. "With only an 8.84% increase required for the average to top $1 million, at the current monthly rate of monthly appreciation at 3.2%, we will reach that milestone as we celebrate Memorial Day 2022, skipping merrily down the road to the nearest barbeque."
