By Margaret Jackson / NewsBreak Denver
(Denver, Colo.) Fewer homes in metro Denver have sold so far this year than during the same period last year, but the amount they’re selling for is up dramatically.
According to the Denver Metro Association of Realtors market report for May, this year's sales volume is more than $1 billion over 2021 — although there have been 7.18% fewer homes sold.
It’s an indication of how prices have soared over the previous year, said Nicole Rueth, branch manager and senior vice president of mortgage company The Rueth Team.
“Home prices are still going up, but there’s less volume in terms of sales,” Rueth said.
The number of homes on the market in May increased 13.98% to 3,652 from April and 76% from the same month a year ago, according to the DMAR report.
While the median price dipped 0.24% from $616,500 to $615,000 between April and May, it’s still 14.31% higher than the $538,000 it was a year ago.
“Usually, we have a hot June and July because buyers try to get in before school starts,” Rueth said.
“Traditionally our real estate market accumulates its median price growth in the first seven to eight months, then it typically slows down.”
Lap of luxury
Buyers in the luxury market — homes priced at $1 million or more — saw their options increase in May. Inventory went up 5.86% from April and is 65.95% higher than the same month a year ago.
Single-family homes sold for an average of 107.12% of list price, down slightly from April’s 108.39% but up 2.81% from the same month last year.
The attached condos and townhomes luxury market is the softest of all price ranges and home types, selling at 104.94% of list price.
“Today’s luxury buyers are willing to put it all on the table to get the home they want,” said Jill Schafer, a real estate agent who is a member of the DMAR Market Trends Committee.
“Like other segments of the market, it appears agents are putting luxury properties on the market and allowing showings for a few days and sifting through the offers to go pending in a median of four days.”