The Big Squeeze
Available homes for sale in central Denver during the month of May peaked at 1,800 homes in 2008. This past May there were less than 600.
Homes sold in central Denver during the month of May bottomed out at 196 homes in 2009. This past May, a whopping 363 homes sold.
Supply and Demand for the Months of May
In May of 2007 home sales prices in central Denver averaged $475,000. This past May we broke that record with an average sales price of $481,000.
Average Price for the Months of May
While we still have a ways to go before we exceed the record average sales price of $537,262 for any month, set in November 2007, the pressure from the supply and demand squeeze is quickly moving us in that direction. This past May our average days on market in central Denver dropped to 48 days — the lowest on record ever.