DENVER (CBS4)– It’s no surprise that Denver is among the top four cities in the nation where housing prices have surpassed their housing boom peaks set in 2006. The Denver metro area is also setting records when it comes to single family home sales.
According to S&P/Case-Shiller, home prices in Denver rose nearly 10 percent from February of this year compared to February 2015.
The average price of a Denver metro area single family home sold in March was $423,289. That’s a new record, according to the Colorado Association of Realtors, and equates to a 4.2 percent gain compared to the average price of $406,171 in February.
DenverRealEstateWatch.com showed that the median selling price of a single family home also set records at $370,000, an increase of 8.8 percent from March of last year.
Part of what’s driving market value is the low inventory in the Denver metro area. Compared to a year ago, listings are flat at about 6,000. Typically during the spring-summer selling season there would be about 18,000 properties listed in the metro area.
The consistent increase in housing prices has buyers trying to stand out among the crowded open houses and seemingly limitless offers.
Watch Alan Gionet’s report tonight at 10 p.m. which shows the lengths buyers will go to in order to get a seller’s attention. The current housing market also has sellers taking some interesting tactics.
Other cities where prices have surpassed their housing boom peaks include Dallas, Portland and San Francisco.