Denver area home prices continued to climb to record levels in May, while the inventory of active listings continue to plummet, shows yet another report.
The median sales price of a home sold last month in the Denver are hit $390,00, up 9.9 percent from $355,000 in May 2015, according to a report released last Friday by the Colorado Association of Realtors.
The median price of a townhome/condo rose 13.5 percent, year-over-year to a record $245,000, compared to $205,000 in May 2015, according to CAR.
The average sale price last month was an all-time high of $446,710, a 7.8 percent increase from $414,573 in May 2015, CAR reports.
The average price of a condo sold in May was just under $300,000 at $299,289, a 14.1 percent jump from $252,919 in May 2015.
The 5,352 active listings on the month was the lowest ever for a May, but 5 percent higher than the record low of only 5,090 homes on the market in February.
However, the market did not see the usual month-to-month increase of homes in May. There were 5,574 homes on the market in April, about 4 percent more than in May.
Meanwhile, for the third consecutive month, there was only a 1.5-month supply of unsold single-family homes on the market. That is a 25 percent drop from the 2-month supply on the market in May 2015.
The townhome/condo market is even tighter.
There was a 1-month supply of townhomes and condos for the second consecutive month, according to CAR. The condo supply is down 28.6 percent from a 1.4-motnh supply in May 2015, CAR reports.
Meanwhile, statewide, the housing market behaved similarly to what happened in the Denver area, according to CAR.
For example, the median and average sales price of all homes sold throughout Colorado set records last month, at $315,000 and $337,041.
Statewide, there were 17,724 active single-family homes listings on the market last month, a 23.8 percent drop from the 23,253 homes on the market in May 2015.
Across Colorado, the all-time low for listings was set in February, when there were only 16,631 active listings, according to CAR.
The inventory of active listings in May was basically flat on a month-to-month basis, falling 0.36 percent from 17,788 in April, CAR reported.
The townhome/condo inventory, however, fell to an all-time low in May statewide, according to the CAR report.
There were 4,237 active attached homes on the market in May, down 29.6 percent from 6,033 in May 2015.