Denver’s real estate market is feeling like summer as of May! Things are heating up, both in sales and in temperature. As new inventory floods MLS buyers are finding new options across the metropolitan area, and inventory is moving quickly. From April to May, we saw a large increase in active listings across the Denver Metro Area. Let’s take a look at what this means for our local real estate markets.
Denver Metro Area
From April to May, we saw active listings more than double across the Denver Metro Area. In years past, we typically see a steady, predictable increase of houses entering the market in the spring, but this increase feels a bit more substantial. Sellers have been waiting through the winter with these high mortgage interest rates to put their homes for sale this spring. It looks like May received most of the inventory so far. The median sales price of homes, even with the increase of inventory, stayed at $635,000 (a 0.8% increase over last year). As we mentioned earlier, homes are selling quickly. We are now seeing properties sell within 30 days of entering the market, on average. This is giving buyers and sellers time to work out deals and negotiations when building their contracts. It’s still fast enough to encourage buyers to know what they want when they start house hunting.
Boulder County
We can officially say that the Boulder County Real Estate Market is back to being its own entity, skewing the statistics for the rest of the Denver Metro Area. May saw a lot of red in the housing market statistics. The median sales price of homes in Boulder dropped 7.3% from last year, bringing the median price to $783,300. Inventory is low throughout the county, which also means the number of homes sold looks very low compared to last year. Home valuations, however, continue to rise in Boulder County. Most of these statistics in this real estate market in particular are heavily weighted by the Luxury Market. This segment of real estate in Boulder County does not seem very active right now, which we believe is why these statistics look so bad. Boulder is an amazing county to live in, and with a little negotiation during closing, you could find yourself in a beautiful home in Boulder!
Longmont
Longmont is drawing more interest as housing prices in the greater Denver Metro Area continue to rise with competition. That’s largely due to the median sales price of homes in Longmont: $568,990 in May. This has been a stable median price in Longmont for a long time now, between $550k-$575k. Compared to $750,000+ in Boulder and over $600,000+ throughout the Denver area, buyers are extending their search to Longmont once again. In May we saw a peak in property sales, 12% higher than last year! Even with such interest in Longmont, the average days on market went up to 39. We attribute this mostly to proximity, more than price.
Overall, we’re seeing a very active housing market throughout the Denver Metro Area. Even with the slowdown in Boulder County, buyers and sellers are moving as we approach the summer.
If you’re ready to buy or sell in Longmont, Colorado, get in touch with The Wise Team today. We’ll help you navigate the ever changing real estate market as you find your dream home or prepare for your next journey.
