According to new monthly data released by the Denver Metro Association of Realtors DMAR), May ended with 8,891 active listings, an increase of nearly 27% from the month before and a 38% increase from May 2018.
May’s inventory was also the highest the market has seen since November 2013, when there were 9,352 homes on the market at month’s end, according to DMAR.
That’s good news for prospective buyers who have been frustrated by a lack of options in Denver’s red-hot real estate market.
“The market has been experiencing a drought of new homes for years, so the increase in inventory is a welcome relief for thirsty buyers,” said DMAR Market Trends Committee Chair and Denver-area Realtor Jill Schafer. “Sellers have been experiencing an unprecedented increase in values. Even with the added inventory, prices were still up a bit.”
The month of May saw a slight increase in Denver’s median sold price, which hit $431,000 for the entire residential market, including both condos and single-family detached homes.
Condos continue to be more affordable than single-family homes, selling for a median of $315,000 in May compared to $470,000 for detached homes.
Denver is still a seller’s market, but homes are staying on the market longer than this time last year, meaning buyers have a little more time to haggle for a good price.
“There has also been more negotiating,” Schafer said. “The close-to-list price ratio dropped to 99.35% year to date. At this point in the past four years, sellers were getting, on average, more than asking price. Home sellers still have control across the housing price ranges, but a little give and take make buyers feel better.”