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Denver's average home price surpasses $500,000

March 5, 2018 Updated: March 6, 2018 at 9:44 am
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photo - Sign stands outside home for sale in south Denver on Saturday, March 17, 2012. (AP Photo/David Zalubowski)
Sign stands outside home for sale in south Denver on Saturday, March 17, 2012. (AP Photo/David Zalubowski) 

If you think Colorado Springs' housing market is getting pricey, look at Denver.

In February, the average sales price of a single-family home hit $502,986 in the 11-county Denver metro area - the first time it's cracked the half-million dollar mark, according to a Denver Metro Association of Realtors report Monday. February's average price was up nearly 12 percent on a year-over-year basis.

"Our housing market is showing few signs of slowing down as prices continue to surge upward," said Steve Danyliw, a real estate agent and chairman of the market trends committee for the Denver Metro Association of Realtors.

Denver's median single-family home price rose to $435,000 in February, a 10.1 percent increase over the same month last year.

Unlike Colorado Springs, the Denver area saw a slight uptick in its supply; the inventory of 3,015 single-family homes listed for sale in February rose 3.3 percent on a year-over-year basis.

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