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Average sold price of homes in metro Denver for August surpasses a record $600,000

Real Estate

Average sold price of homes in metro Denver for August surpasses a record $600,000

Even though single-family homes and condominiums available for sale in August were down approximately 50 percent from a year ago, buyers were still snatching up homes in rapid fashion. A total of 5,595 homes sold in August was an all-time record for the month in metro Denver, and the average price of a home exceeded $600,000 for the first time in recorded history at $606,330.

According to the Denver Metro Association of Realtors, significantly more homes would have sold if they were available, but the market has reached a “desperate” level for those in the marketplace. The imbalance between supply and demand continued to push prices higher. The condominium market, however, was not as hot as the single-family market.

Some industry observers believe that the COVID-19 virus is the culprit as urban condos have lost some of their attractiveness as homebuyers search for more space in a less densely populated environment. Also, inventory at such low levels has convinced many would-be sellers to sit tight.

The federal response to the pandemic could also be introducing distortions into the housing market. Record-low mortgage rates have improved affordability, and younger buyers, especially first-time buyers, are anxious to buy while rates remain low. Also, homeowners who have lost their jobs have up to a year to skip payments, so pressure to list their homes has eased up considerably.