DENVER, Colorado — The median single-family home price in April hit $444,000, less than 1 percent higher than the same time last year, according to the Denver Metro Association of Realtors (DMAR) most recent Market Trends report.
That’s a significant slowing compared to the previous two years in which home prices jumped 9 percent and 8 percent.
“We are reaching our peak. There's only so much farther we can go as far as home prices,” said Heather Heuer, chair of DMAR. “I have seen homes that have had thirty offers or more. Now we're seeing two to five.”
The market is settling in large part to an inventory increase. There were a couple thousand more single family homes available in April, about 36 percent more than a year ago. Homes spent a median 12 days on the market in April, double that of last year.
“You have a lot more options. And then, ultimately, you may be able to talk to the seller a little bit about some wiggle room or concessions that you might want,” Heuer said.
Heuer said those concessions are being made right now and to expect pricing peaks to hit at the end of June.
“If they can wait until that July or August timeframe when we'll have a slower market because it will be a higher inventory, prices will start to drop, that's their best bet to get into homes," Heuer said.
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