Monthly Roundup March: DMAR in the News
Our Association caught the attention of several major media outlets this month including The Denver Post, Denver Business Journal, 5280, Fox 31, Denver 7, Golden Transcript, The Colorado Independent and The Gazette.
The Denver Post
Average price of a single-family home in metro Denver passes half-million dollar mark
Home price gains in metro Denver are rising at a double-digit pace this year after taking a breather in 2017, pushing the average price of a single-family home sold in February above $500,000 for the ... Read more
Denver Business Journal
Average metro Denver home sales prices pass $500,000
February saw the average price of a single-family home in metro Denver pass the half-million-dollar mark, according to the Denver Metro Association of REALTORS® market trends report, issued today. The average price was $502,986, up almost 12 percent from February 2017. “This may represent a psychological barrier for some homebuyers wishing to enter the market,” said Steve Danyliw, chairman of the DMAR Market Trends Committee. “Some good news for buyers was the month-end inventory.” Read more
5280
Denver’s Real Estate Market Hits A Big Milestone
It’s no secret that Denver housing is pricey, but the big takeaway from the Denver Metro Association of REALTORS®’ (DMAR) March Denver Metro Real Estate Market Trends Report really drives home that point: The average sold price of a single-family home in the Denver metro area passed the half-million-dollar mark in February 2018, settling at $502,986. This time last year, that number was 11.78 percent lower. “This may represent a psychological barrier for some homebuyers wishing to enter the market,” says Steve Danyliw, a Denver Realtor and chairman of the DMAR Market Trends Committee. It may also be bad news for former Denver residents who hope to return to the city, but find themselves priced out of the market. Denver metro homebuyers now need an average annual salary of $79,180 to afford a median-priced home, according to a quarterly update from mortgage research firm HSH.com, yet the Metro Denver Economic Development Corporation reports that the median income for Metro Denver was $71,930 in 2016 (compared to $57,620 in the U.S.). Read more
Fox 31
Average price of single-family homes in Denver metro area surpasses $500,000 for first time
The average price of single-family homes in the Denver metro area climbed past $500,000 for the first time in February, according to a report from the Denver Metro Association of REALTORS®. The March report found the average price was $502,986, an 11.78 percent increase from February 2017. The average price for all residential properties -- single-family detached homes and condominiums -- was $400,000, up 12.04 percent from February 2017. “This may represent a psychological barrier for some homebuyers wishing to enter the market,” said Steve Danyliw, chairman of the DMAR Market Trends Committee. While continued price increases will continue to squeeze the housing market, there was some good news with an increase in inventory. The number of active listings in February increased to 4,084, up 5.56 percent from January and 5.31 percent higher than February 2017. Condominiums saw an 11.35 percent increase from February 2017. Single-family homes were up 3.32 percent. Read more
Denver 7
Metro Denver's median home price hit $400K in February; housing inventory on the rise
The Denver metro area's real estate market saw sizable increases in both home prices and housing stock in the second month of 2018. The median home price for residential properties -- single-family detached homes and condos combined -- hit a milestone in February: $400,000, according to the latest report from the Denver Metro Association of REALTORS®. Last year at this time, the median was a little less than $360,000. The rise in the median price represents an increase of nearly 4 percent from January and more than 12 percent from the same time last year. The average single-family detached home price also hit a new record in February, surpassing $500,000 for the first time. Read more
Golden Transcript
No easy fixes on horizon for Denver metro area housing crunch
Housing vacancy rates are likely to stay around 1.5 percent for the foreseeable future, according to the report, below what industry experts call a healthy rate of 5 percent. High demand for short supply saw median housing prices climb more than 10 percent annually in the metro area in January, according to the Denver Metro Association of REALTORS®. The median sales price of a single-family home hit $416,000 in January, while the median condo price jumped 17.4 percent to $285,000. A move by developers toward high-end finishes, such as granite countertops and primo appliances, may be driving up housing prices more than raw materials, costs of which have fluctuated little amid the spike in housing prices, according to the report. Read more
The Colorado Independent
“Home price gains in metro Denver are rising at a double-digit pace this year after taking a breather in 2017, pushing the average price of a single-family home sold in February above $500,000 for the first time, according to the Denver Metro Association of REALTORS®,” reports The Denver Post. “We have never been above $500,000,” said Steve Danyliw, chairman of the DMAR market trends committee and a Denver REALTOR®. “It is a psychological barrier, especially for some of our younger buyers.” The average price of a single-family home sold in metro Denver reached $502,986 in February, up 2.5 percent from January and 11.8 percent from February 2017.” Read more
The Gazette
Denver's average home price surpasses $500,000
If you think Colorado Springs' housing market is getting pricey, look at Denver. In February, the average sales price of a single-family home hit $502,986 in the 11-county Denver metro area - the first time it's cracked the half-million dollar mark, according to a Denver Metro Association of Realtors report Monday. February's average price was up nearly 12 percent on a year-over-year basis. "Our housing market is showing few signs of slowing down as prices continue to surge upward," said Steve Danyliw, a real estate agent and chairman of the market trends committee for the Denver Metro Association of REALTORS®.
