In March, the average price of a detached single-family home in metro Denver surpassed $500,000 for the first time. But that's already seeming like the good old days.
Why? The new average price for such a property is up nearly $40,000 in just three months. And over the past four years, that average has leaped skyward by more than $171,000 — an amount that would have bought a young family quite a nice house not all that long ago.
These revelations are contained within the June market trends report from the Denver Metro Association of Realtors. It's accessible below in its entirety.
According to DMAR, the average price for a detached single-family home in metro Denver last month was $540,624. That's an increase of $37,638 since February, or around 7 percent.
Condos have grown more expensive during this period, too, though not as dramatically. The average condo sold last month in metro Denver cost $356,337 as compared to $345,632 three months earlier. That's a difference of $10,705, or slightly more than 3 percent.
Over four years, however, the prices of condos have actually risen at a speedier rate than have detached, single-family homes. And the latter now cost nearly a third more than during that period.
Specifically, the average detached single-family home in metro Denver sold for $525,255; that's a bit lower than the May figure because it's drawn from all five months of 2018 to date. In comparison, the average for the same kind of joint at this point in 2014 was $353,355. The difference is $171,900, representing a price climb of 32.73 percent.
As for condos, the year-to-date average price in metro Denver is $356,337, versus $220,516 in 2014. We did the math and found a $130,780 difference — and a 37.23 percent increase.
That's staggering. And there's no end in sight.