What’s being called an “extreme seller’s market” continued in May for Denver’s residential real estate, with the average sales price continuing to smash records, a pitiful amount of inventory for a market the size of Denver’s, and days a home stays on the market dwindling, according to the Denver Metro Association of Realtors.
“With competition continuing across all price ranges and static inventory scarce, it is likely records will continue to be broken in this hot market,” according to the report released Thursday.
The average closing price for detached single family homes soared to $700,559, up 29% from May 2020. For all residential homes (condos and single family), the average closing price stood at $623,279 – up 26% year-over-year.
Meanwhile, the inventory of for-sale homes continues to…