According to Denverite:
Average housing prices are becoming further out of reach almost daily in Denver — and soon, possibly, into seven digits.
The latest projection from the Colorado Association of Realtors is that by Memorial Day, the average single-family home price might reach $1 million. For a freestanding home, the average price rose from $810,0914 in February to a staggering $918,850, so seven figures isn’t that hard to imagine.
While these numbers are unnerving to buyers, they should be taken with caution. Average home price isn’t as useful a measure in assessing what’s happening in the market as median home price.
But here’s the rub: The median home price for a freestanding home is super high too. That shot up from $659,000 in February to $745,000 in March, according to the report.
“The month-to-month data isn’t something we usually follow, preferring rather to look at the greater picture and the year-over-year numbers, but that simply doesn’t work like it used to,” explained Denver realtor Matthew Leprino in a statement. “As all real estate is local, so-too is the statistics reporting game — more like all of real estate is monthly nowadays.”
And if monthly trends continue to rise at even half the current clip, sales prices will hit that million-dollar Memorial Day average housing price projection.
Yikes yikes yikes.