Average price of single-family homes in Denver metro area surpasses $500,000 for first time

[Teh One Who Knocks]

by Chuck Hickey - FOX 31 Denver




DENVER -- The average price of single-family homes in the Denver metro area climbed past $500,000 for the first time in February, according to a report from the Denver Metro Association of Realtors.

The March report found the average price was $502,986, an 11.78 percent increase from February 2017.

The average price for all residential properties -- single-family detached homes and condominiums -- was $400,000, up 12.04 percent from February 2017.

“This may represent a psychological barrier for some homebuyers wishing to enter the market,” said Steve Danyliw, chairman of the DMAR Market Trends Committee.

While continued price increases will continue to squeeze the housing market, there was some good news with an increase in inventory.

The number of active listings in February increased to 4,084, up 5.56 percent from January and 5.31 percent higher than February 2017.

Condominiums saw an 11.35 percent increase from February 2017. Single-family homes were up 3.32 percent.

"This is good news as we normally see a small seasonal decrease this time of year," Danyliw said. "These new listings may be 'fence-sitters' jumping in as concerns of increasing interest rates mount."

Still, the inventory is still quite low. The historical average number of active listings for February is more than 14,000.

[RBP]

That's ignorant. Are people building bigger homes or is it all pricing?

[Muddy]

How do all these illegals afford that?

[Teh One Who Knocks]

That's ignorant. Are people building bigger homes or is it all pricing?

It's all pricing...bought our house for $195K in Oct 2012 and it appraised at $352K in December 2017.

[Teh One Who Knocks]

I'm not sure how people can afford to live here anymore. I know if I was looking right now, I couldn't afford it. If you take the average priced home from the story above and calculate putting down slightly more than 10% down (which is more than $50K and unless you are selling a current home with a good deal of equity, I don't know many people that have that kind of liquid cash lying around) and your mortgage payment is still more than $2300/month for 30 years. You can go into a home with an FHA loan which lowers the down payment to just 3.5% but then you need to add the mandatory PMI (mortgage insurance) and it will really raise your monthly payment.



It's fucking ridiculous.

[Muddy]

They are isolating themselves from a certain element monetarily. If you jack the prices then your neighbor probably wont be a landscaper or gang banger.

[RBP]

They are isolating themselves from a certain element monetarily. If you jack the prices then your neighbor probably wont be a landscaper or gang banger.

Many rich people enjoy a good gang bang.

[Goofy]

Whats wrong with being a landscaper? Does landscaper have a different meaning over there?

[Muddy]

Whats wrong with being a landscaper? Does landscaper have a different meaning over there?

Landscaper typically has a heavy Latino/illegal connotation.

[Goofy]

Landscaper typically has a heavy Latino/illegal connotation.

[Hal-9000]

I'm sitting in a home that was just appraised for 571K. It's a 60 yr old one level bungalow style with basement and limited everything.

No offense, but your housing prices are a dream in comparison. We have people selling and then not being able to find another comparable home and being forced into buying condos. Our condos are usually retrofitted old apartments and those approach 300k easily. Newly built condos are listed in 'the low 400's'.

[Teh One Who Knocks]

Canuckistan money

[Hal-9000]

Yeah we get the high appraisal, have to pay over 3900 in taxes based on that...yet when we go to sell, a home inspector will say everything has to be improved and we'll never get the appraised value

[deebakes]

i was looking recently here out of curiosity, the prices have gone insane, i don't think it is unique to any one place

[The Monk]

Exactly how big is this average home??

$500k is about normal for Perth.