According to the latest report from the Denver Metro Association of Realtors, single family home prices in Denver now average more than $500,000, the highest number ever recorded for such residences in the Mile High City. But this benchmark wasn't achieved by way of a sudden spike. The climb to this sum has been inexorable over the past year, with occasional clues that the market had plateaued proving false.
The complete DMAR report for March is accessible below. But its stats show that the "average sold price" for a detached single family home in the eleven Denver metro counties (Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park) currently stands at $502,986. That's a 2.48 percent bump from last month and an 11.78 percent increase over this time last year.
In addition, condominiums in metro Denver are just off their peak. The March data shows an average sold price for condos at $345,632, down 0.25 percent from last month's record of $346,487.
That the costs are currently at these levels suggests that previous predictions about inventory catching up with demand may have been premature — and for that reason, plenty of folks may find themselves unable to make the jump from renting to buying. As noted by the DMAR in a section labeled "Market Insights," Denver metro home buyers must earn an average annual of $79,180.65 in order to afford a median-priced home.
The segment also quotes from the February 15 Westword post "Why Many Coloradans Are Being Left Behind Despite Booming Economy," which noted that average weekly wages adjusted for inflation have only risen $33 since 2000.
Continue to track the average price for a single family home and condominium in Denver metro from February 2017 to February 2018. The digits are illustrated with photos from January's slide show "Real Estate Porn: Inside Ten Recently Sold Million-Dollar Homes." They offer a look into a five-bedroom, 4,246 square-foot home at 1403 Forest Street, which sits on a 16,610 square foot property that includes three other buildings. It sold for $1 million in December.
As you'll see, the average home prices in each category are up by more than $50,000 in each category.
Average single family home price: $449,998
Average condominium price: $295,537
Average single family home price: $468,169
Average condominium price: $315,527
Average single family home price: $486,015
Average condominium price: $318,706
Average single family home price: $488,890
Average condominium price: $315,557
Average single family home price: $487,180
Average condominium price: $332,428
Average single family home price: $494,509
Average condominium price: $320,596
Average single family home price: $480,048
Average condominium price: $316,973
Average single family home price: $473,522
Average condominium price: $312,100
Average single family home price: $485,911
Average condominium price: $330,075
Average single family home price: $477,911
Average condominium price: $324,798
Average single family home price: $483,950
Average condominium price: $340,292
Average single family home price: $490,797
Average condominium price: $346,487
Average single family home price: $502,986
Average condominium price: $345,632
Click to read the Denver Metro Association of Realtors' March 2018 report.
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