Denver’s average home sale price hits record $487,974 in April

Home sales in metro Denver took an unexpected dip in April, but that didn’t prevent home prices from reaching new highs or temper the frenzy for lower-price properties, according to a report this week from the Denver Metro Association of Realtors.

The average price of a single-family home sold in metro Denver reached a new high of $487,974, up 4.2 percent from March and 10.3 percent from a year ago.

Buyers closed on 4,389 residential properties last month, according to Wednesday’s report, down 7.4 percent from the number of homes sold in March and down 4 percent from the same month a year ago.
The number of homes and condos available for sale at the end of April rose 8.9 percent from the 5,361 on the market at the end of March, a much larger percentage increase than is usually seen between the two months.

Very expensive properties can skew the average home price. Another way to look at prices is the median, or the point where half the homes sold cost more and half cost less.

The median price of a single-family home sold rose to $420,000, up 4.2 percent from March’s median price of $406,500 and 9.1 percent higher than a year earlier.

Condos prices lost some steam in April, at least compared to single-family homes. The average price of a condo sold in metro Denver rose 0.94 percent to $318,478 from March, while the median price rose 3.85 percent to $270,000.

Over the past year, the average price of a condo sold is up 11.7 percent, while the median is up 12.5 percent.

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