Single-family home prices in metro Denver have been setting records for months and the same phenomenon is happening statewide. New statistics show that the median price for a single-family home in Colorado has topped $500,000 for the first time ever.
The numbers were crunched by the Colorado Association of Realtors, whose just-issued market trends report shares data from April, the most recent month for which final numbers are available.
The stats include both the average and median sale prices for single-family homes across the state but experts such as Jim Smith of Golden Real Estate think that the median price is a more telling number regarding the market as a whole. After all, the average price is derived from dividing the number of sales by the dollar amounts and can be inflated by a few huge properties at the top of the scale but the median price is defined as the middle point for all sales, the very center of the data.
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What to Expect From Denver’s Summer Real Estate Market
Experts say this summer could be one of the craziest times to buy a home in recent memory. Cassidy Ritter •
May 6, 2021
Andrew Guterman has been looking to buy his first home on and off since Thanksgiving 2019. The agent and lead analyst at Atlas Real Estate has submitted eight offers, seven of which were more than the asking price. Yet, he still hasn’t been able to land anything.
The problem, he says, is other buyers are offering significantly more than the list price. “Personally, I want to be optimistic but as an analyst, it’s more difficult for me to be realistic that I’ll find the right thing for the right price,” he says about Denver’s current real estate landscape.
Home prices are at record highs and inventory is at a record low in Denver. Three couples trying to buy houses discussed their experiences in the real estate market.
Today
Except for a few afternoon clouds, mainly sunny. High 76F. Winds SSE at 10 to 15 mph..
Tonight
Some clouds early will give way to generally clear conditions overnight. Low 51F. SE winds shifting to NNE at 10 to 15 mph. Updated: May 28, 2021 @ 2:54 am