Metro Denver home sales revived in April as warmer weather drew out more buyers, according to statistics released today.
“Late March and early April is the start of the prime real estate marketing season. April was a good month,” said Gary Bauer, an independent real estate analyst.
The 4,399 metro area homes sold in April is 2.9 percent higher than March and 2.3 percent above the volume in April 2006.
The picture was more mixed in terms of prices paid. Condos and townhomes dropped 2.7 percent in median value from March, while single-family homes rose 3.3 percent.
Compared to April 2006, median condo prices, at $148,900, are 5.4 percent lower, while single-family home prices, at $248,000, are off 0.8 percent.
Lower-priced condos in the eastern metro area represented a larger part of the mix of units sold in April, bringing the median lower, Bauer said.
More buyers listed their homes in April, causing the inventory of unsold homes to rise to 27,858, a 5.4 percent jump from March.
Sellers, however, didn’t go overboard in rushing to list their homes, Bauer said.
Tighter lending standards and higher gasoline prices could pressure the market in coming months, Bauer predicted.
Higher gasoline prices will make outlying developments with long commutes less popular, while boosting closer-in areas near mass transit.
Condos and townhomes could see more interest as tighter lending standards lower what borrowers with impaired credit ratings can qualify for.
Staff writer Aldo Svaldi can be reached at 303-954-1410 or asvaldi@denverpost.com.
