The Denver Metro Area’s median sale price of $255,000 in May was up 8% compared with the same period last year, according to MLS data analyzed by Coldwell Banker Residential Brokerage. In the Northern Colorado counties, the median sale price is up even more – 13% to $262,000.
One of the reasons for the surge in prices is that there just aren’t enough homes on the market to meet buyer demand. Inventory has fallen to its lowest level in many years with Colorado’s active listings in May down more than 50% from a year ago, according to MLS data.
At the same time, NAR has determined that there have been signs that the U.S. housing market is truly on the road to recovery, including:
• 17 months straight of improving sales;
• 12 months of price increases;
• A 20% jump in new home sales and
• Construction permits up 25%.