April 2021 in the Greater Denver Metro housing market showed that the blatant hyper-demand in the residential housing industry continues to result in historic low months end inventory, even with months-end active inventory increasing by 35.03 percent. Altogether, there were still only 2,594 active properties at the end of the month, representing the lowest April on record and 48.38 percent less inventory than the previous April low in 2015.
As one reflects on this month’s market trends report, it is important to remember where the market was this time last year. April 2020 was a month of confusion, fear, and uncertainty for the world. The ebbs and flow of being an “essential” worker were reflected in new listings last year, which were down 43.02 percent compared to April of this year.
Since last year, the market has seen a steady rise in competition, and therefore prices have as well. With only two weeks of inventory, year-over-year appreciation continues to be staggering for the market while also bringing home sellers inevitably great returns, increasing 24.20 percent in April.
“This April, the attached market saw a month-over-month appreciation of 7.30 percent, while the detached market saw an increase of 4.28 percent,” said Andrew Abrams, Chair of the DMAR Market Trends Committee and Metro Denver REALTOR®. “The explanation for these statistics could be as simple as the attached market has a more approachable price point. The average purchase price of a single-family detached property in the Greater Denver Metro area is $699,039. With prices on the rise, education, strategy, and expectations have never been more critical for a buyer approaching this market.”