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Denver Area Housing Inventory Tight In November Prices Remain Strong
In November, 6,566 active listings were on the market in the Denver metro and surrounding area, an 18 percent decrease as compared to last month, and a 27 percent year-over-year decrease. These numbers reflect inventory levels roughly half of what they were just three years ago.
“Tight inventories that have been seen in the Denver area housing market for some time now showed no signs of easing in November,” said Kirby Slunaker, president and CEO of Metrolist. “The slowing in monthly home sales is likely due to market seasonality. Even with the month-over-month inventory declines, demand remains steady, which continues to drive sales.”
The number of new listings that came on the market, as well as sales of existing homes, experienced seasonal declines. New listings were down 35 percent month over month and ten percent year over year, while the number of sold homes was flat year over year.
For the second consecutive month, November brought an increase in the average sales price for single family homes. The average sold price in November was $329,306, up two percent from last month and a nine percent increase year over year.
Although days on market saw a month-over-month increase, homes continued to move quickly. Homes stayed on the market an average of 37 days in November, a three-day increase as compared to last month, and 13 days fewer than November 2013. The market absorption rate—the rate at which the market absorbs the inventory of homes that are for sale—indicated a steady level of demand for properties, with a supply of approximately seven and a half weeks of inventory at November month end.
Marc Blitstein has been a licensed Real Estate Agent since 2004. Real estate experience has been in employee relocation, residential property, short sales, investment property, and bank owned property....
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