A tiny amount of good news for Denver house hunters.
, the average price for a detached home in the Mile High City fell last month for the first time since January, as did the median sales price. But the dips are so modest they don't offer much relief to buyers.to $821,258, and also drops the median sales price from $684,550 to $680,000. Both remain all-time records, though, and the May figures of $805,508 for the average sales price and $670,106 for the median sales price are down less than 2 percent from those peaks.
The DMAR stats reveal that 4,966 detached homes hit the market in May, a 1.13 percent decrease from 5,032 a month earlier. But that still represents a 10.28 percent hike from the same time in 2021. Closed sales of 3,666 in April rose to 3,852 in May. That's a 5.07 percent month-over-month bump, but a 2.38 percent slide from last year.
A graphic from the report, which runs from January 2008 to April 2022, puts the situation in perspective. The yellow line corresponds to active listings at the end of each month, while the blue line shows sales that closed over the same periods:The average cost of a detached home in Denver surpassed $700,000 for the first time in May 2021, en route to a record-setting $728,385 in June.
But in both November and December, the average again broke the $700,000 barrier, landing at $703,847 and $704,716, respectively, before descending to $688,127 in January. This drop proved short-lived, however: The February 2022 average, adjusted to $738,472, was the highest ever recorded by DMAR, and March hit $793,836, which seemed like a stunning amount at the time.
Last month, realtor Andrew Abrams, chair of the DMAR market trends committee, saw signs that the Denver market might be coming back to earth soon despite the peak prices. Now, he's predicting that"Denver metro’s housing market will be the story of two halves — the first of the year with unprecedented appreciation and the second half of the year with a return to normalization.
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