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Home prices soar while inventory is low

A report from Colorado Association of Realtors shows that for the month of May, the price of homes in the Denver area continue to appreciate while the number of active listings continue to decline. The average price for a home located in Denver area last May is $390,000, approximately 9.9% higher compared to last year, the average price last May 2015 was $355,000.
Property management companies in Denver stated that like CAR, both Denver Metro Association of Realtors and REcolorado showed similar reports, the average home prices in Denver for May has appreciated.
For condominiums and townhouses, the average selling price for the month of May is $446, 710. This is 7.8% higher compared to last year’s $414,573 average. The number of active listing was only 5,352, the lowest recorded for May; however, the number of active listings is 4% higher from February’s record low of only 5,090 active listings.
On the other hand, the supply of single-family homes on the market is still 1.5 months for the third consecutive month.
For town houses and condo units, the supply is more limited, the supply is only a month. Across the nation, the inventory of townhouses and condominiums fell to an all-time low.
Lastly, the number of active listing for attached home on the market for May was 4,237; 29.6% lower compared to May 2015.