Why? The new average price for such a property is up nearly $40,000 in just three months. And over the past four years, that average has leaped skyward by more than $171,000 — an amount that would have bought a young family quite a nice house not all that long ago.
These revelations are contained within the June market trends report from the Denver Metro Association of Realtors. It's accessible below in its entirety.
According to DMAR, the average price for a detached single-family home in metro Denver last month was $540,624. That's an increase of $37,638 since February, or around 7 percent.
Condos have grown more expensive during this period, too, though not as dramatically. The average condo sold last month in metro Denver cost $356,337 as compared to $345,632 three months earlier. That's a difference of $10,705, or slightly more than 3 percent.
Over four years, however, the prices of condos have actually risen at a speedier rate than have detached, single-family homes. And the latter now cost nearly a third more than during that period.
Specifically, the average detached single-family home in metro Denver sold for $525,255; that's a bit lower than the May figure because it's drawn from all five months of 2018 to date. In comparison, the average for the same kind of joint at this point in 2014 was $353,355. The difference is $171,900, representing a price climb of 32.73 percent.
As for condos, the year-to-date average price in metro Denver is $356,337, versus $220,516 in 2014. We did the math and found a $130,780 difference — and a 37.23 percent increase.
That's staggering. And there's no end in sight.
Continue to get facts and figures about detached single-family homes and condo sales in metro Denver from 2014 to the present, illustrated with photos of properties listed on the Homesnap website that are in the new average range, as well as a link to the complete DMAR report.
This three-bedroom, two-bath, 1,756-square-foot home at 1100 Ivanhoe Street was priced at $540,000 in June. Click to see the complete listing.
Average sold price, May 2018: $540,624
Average sold price, May 2017: $488,518
Closing price/list price, May 2018: 100.65 percent
Average sold price, 2018 to date: $525,255
Average sold price, 2017: $471,576
Average sold price, 2016: $433,629
Average sold price, 2015: $400,566
Average sold price, 2014: $353,355
Percentage increase, 2018 versus 2017: 10.96 percent
Percentage increase, 2017 versus 2016: 8.75 percent
Percentage increase, 2016 versus 2015: 8.25 percent
Percentage increase, 2015 versus 2014: 13.36 percent
This one-bedroom, one-bath, 928-square-foot condo at 3100 East Cherry Creek Drive South was listed in June at $350,000, just below the May average in metro Denver. Click to see the complete listing.
Average sold price, May 2018: $356,337
Average sold price, May 2017: $315,725
Closing price/list price, May 2018: 101.02 percent
Average sold price, 2018 to date: $351,296
Average sold price, 2017: $309,556
Average sold price, 2016: $286,154
Average sold price, 2015: $252,945
Average sold price, 2014: $220,516
Percentage increase, 2018 versus 2017: 13.48 percent
Percentage increase, 2017 versus 2016: 8.18 percent
Percentage increase, 2016 versus 2015: 13.13 percent
Percentage increase, 2015 versus 2014: 14.71 percent
Click to read the Denver Metro Association of Realtors June 2018 market trends report.
