Denver Area Housing Market Remains Strong

Dated: 08/11/2014

Views: 1751

DENVER – August 8, 2014 – Residential real estate in the Denver metro and surrounding area continues to reflect strong demand, according to Metrolist, Colorado’s largest MLS and the provider of REcolorado.com. 

Days on market, or the number of days a home takes to sell, dropped to 26 days—the lowest point in a decade. Although the number of active listings increased seven percent over last month, overall inventory levels are lower than the same period last year, a sign of a sellers’ market. Currently there is a supply of approximately 7 weeks of inventory.   
 “Denver area homes continue to sell at a rapid pace and at almost 100 percent of asking price, a testament to a strong housing market,” said KirbySlunaker, president and CEO ofMetrolist.  “Inventory levels remain tight in the Denver metro and surrounding area, showing strong demand and a competitive marketplace.” The pace of home sales cooled slightly in July. The number of new homes that went on the market dropped five percent month over month, and saw a three percent decrease as compared to this time last year. Listings that went under contract decreased four percent month over month, but were up five percent year over year. 
In July, average sold prices for single family detached and attached homes continued their steady rise, reaching $335,427, up just slightly over June, and a five percent increase as compared to July 2013.
The condo and townhouse market continued to see increased activity as compared to last summer, as more listings came on the market and prices continued to steadily climb. The number of new listings for condos and townhomes saw a year-over-year increase of 23 percent. Compared to July 2013, sales of condos and townhomes also increased 23 percent, and listings that went under contract increased 30 percent. The average sales price reached $223,834, a 12 percent increase over this time last year.“Homes are continuing to move quickly, some spending just days on the market,” said Slunaker. “Using the innovative tools on REcolorado.com, along with a REALTOR®, will help buyers and sellers know if it is the right time to enter the market.”
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Marc Blitstein

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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