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Surge in Available Homes Boost Denver Homes Sales

In Denver Real Estate | on June, 05, 2013 | by | 0 Comments

 

DENVER – June 5, 2013 – The latest data from Metrolist®, which powers REcolorado.com, a free resource for Colorado home buyers, sellers and owners, announced today that the month-to-month inventory levels experienced the largest spike in available listings seen in over a decade, resulting in strong home sale figures and rapid turnaround times.

Available listings increased 18 percent but the inventory levels are still down 22 percent from this time last year. Home sales are increasing at a faster pace then inventory levels are rising, indicating the Denver market remains undersupplied. Average sold prices remained steady month-over-month averaging just under $310,000.

“We continue to see improvements on already promising figures,” said Metrolist CEO and President Kirby Slunaker. “We’re thrilled to see some inventory relief and matching strong sales numbers in the Denver market, we’re taking those figures as signs of both homebuyer and seller confidence.”

Although the inventory crunch seems to be lessening, the market continues to move at a fiercely competitive pace. The average days on market measurement dropped by 14 percent this month to 48 days, demonstrating how quickly houses are getting scooped up.

“The uptick in available home listings hasn’t helped the Denver homebuyer as much as one would hope,” said Slunaker. “Homebuyers still need to be prepared to make an offer quickly as the sharp increases in sales velocity indicate a highly spirited local market.”

Increasing mortgage rates could have had an impact on the number of homes that closed during May as buyers moved to take advantage of low interest mortgage loans. Metrolist suggests strong REALTOR® representation for Denver homebuyers and sellers in this busy real estate climate to remain informed, prepared and ready to move quickly or they risk losing out.

REcolorado.com provides homebuyers and sellers with the up-to-the-minute information they need before entering into Denver’s real estate market. As the summer selling season approaches, house hunters can look on REcolorado.com for available listings and open house events happening throughout the Denver metro area.

About REcolorado.com
Before entering the market, buyers and sellers can get free access to up-to-the-minute housing information throughout the State of Colorado at REcolorado.com. The website offers advanced search features and filters for price and location, as well as home values and scheduled open houses. This comprehensive local resource enables both buyers and sellers to enter the housing market well informed.

About Metrolist
Metrolist is the largest MLS in the state of Colorado, supporting the largest network of Realtors® with the most comprehensive database of real property listings throughout the Front Range. Realtor-owned since 1984, Metrolist provides leading technology solutions to real estate agents and brokers to better serve buyers and sellers. More information about Metrolist is available at www.metrolist.com.

Courtesy of Denver Metrolist (MLS). 

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