April Brings More Homes To Denver Metro Real Estate Market
April Brings More Homes To Denver Metro Real Estate Market
DENVER – May 5, 2015– REcolorado, Colorado’s largest MLS and the provider ofREcolorado.com, today released its April 2015 report on the Denver-area housing market. The report, which includes data from REcolorado’s 17,000 members who operate throughout the greater Denver Metro area, showed month-over-month growth in all categories.
The April report shows a welcome increase in inventory as the busy, spring season brought more listings to the market. The number of active listings in April reached 6,149, an increase of 19 percent as compared to last month, but 15 percent lower than April 2014.
Motivated by record-level sales prices, sellers brought a considerable number of new listings to the market. In April, 7,566 new listings came on the market, a 21 percent increase compared to last month and an eight percent increase over April 2014. Still, inventory levels remain low, growing only slightly to a six week supply. According to the National Association of REALTORS®, the current supply of homes nationally stands at approximately four and a half months.
“Improved inventory expanded choices for consumers in April, bringing more buyers to the market and contributing to positive sales,” said Kirby Slunaker, president and CEO of REcolorado. “Consumers continue to come to the market ready to purchase newly-listed homes before the supply is replenished, keeping inventory levels at record lows. At this time, the supply in the Denver area is just six weeks.”
The number of homes sold in April reached 4,416, a seven percent month-over-month increase, but eight percent lower than April 2014. Still, sales are strong as the year-to-date number of sold listings is up one percent as compared to this time last year.
Sold prices continue to rise throughout the Denver metro area. The average sold price of a single family home climbed to $361,953 in April, a two percent increase over last month and 11 percent higher than April 2014.
The average sold price for a single family detached home eclipsed $400,000 for the first time ever, reaching $402,302, a three percent increase over last month and an 11 percent increase year over year. The average sold price for a condo/townhome was $256,589 in April, a slight drop as compared to last month, but 13 percent higher than a year ago.
Denver’s competitive market is resulting in a sales cycle that is among the shortest in the country. Nationally, properties spent approximately 89 days on the market last month, according to theNational Association of REALTORS March 2015 Monthly Housing Summary. In the Denver area, with demand exceeding supply, homes were on the market for a much shorter period of time—an average of just 24 days—nine days less than last month and 11 days less than last year.
Author:Marc Blitstein Phone: 303-330-4058 Dated: May 7th 2015 Views: 1,191 About Marc: Marc Blitstein has been a licensed Real Estate Agent since 2004. Real estate experience has been in ...
View our latest blog posts in your RSS reader. Click here to access.
Ion Real Estate is a hand-picked team of highly respectable experienced Realtors coming together to work with you. Please contact us anytime with any questions. We look forward to serving your Colorado real estate needs. Our experience and dedicated professionalism ensures our clients have exceptional representation every step of the way. At a time where bigger isn't always better, Ion Real Estate has chosen to remain a smaller, highly focused team in order to provide a level of personal service, attention and consideration to our clients that you simply won't find elsewhere. Our decades of experience in the unique world of Denver real estate positions us advantageously to handle all of your real estate needs
You may remember the 1995 movie Things to do in Denver When You’re
"When I decided to sell my home and look for a new place, my first call was to Jim and Ion Real Estate. He listed my condo and in two short weeks my place was under contract. Now, the real fun began, looking for a new place! The Ion Real Estate website was great. I loved the map function and the emails it sent with new listings that matched my previous searches. On Saturday, Jim and I headed out to look at several places I had picked to see. At the time I didn’t really notice how he listened carefully to everything I said about each place from the lighting to the layout. I was even a little sad that I didn’t find anything that day but Jim reassured me not to worry and a week later he had set up some more appointments. I still remember walking into my new place and just knowing. I had only taken two steps into it and I knew I wanted it.
Next came the easy part for me, but this is where having the right realtor and mortgage broker is essential. They make it seem easy! Jim guided me through all the aspects of my sale and purchase. I appreciated how simple each step seemed from making an offer to dealing with inspections. Even the loan seemed easy. I asked a ton of questions, I think it’s the teacher in me. I wanted to understand all the moving parts. Jim explained everything so clearly that I joked that he missed his calling and should have been a teacher, but he didn’t, I’m glad he is helping people find their homes!
Recently one of my close friends mentioned she wanted to stop renting and buy. I immediately referred her to Ion Real Estate. This time I was able to watch with an outsider perspective at the way Jim cued in on my friend’s preferences. Stephanie kept talking about the charm of old houses, a far cry from the sleek modern condo I chose. By the second house-hunting excursion, Jim knew just which home she would pick. As we walked up to the front porch, I saw Stephanie with the same excitement I had felt just a few months earlier. I watched her mentally move in her furniture and this time I saw the smile that crossed over Jim’s face when he knew Stephanie had found her home.
Throughout both experiences, it was clear Jim understands what people want in their homes and how to structure the entire buying experience to be a positive one. I have heard so many crazy stories from people that didn’t chose the right realtor or mortgage broker. They always start by saying, “I didn’t think a realtor made any difference.” It makes a difference! It made a difference for me and for Stephanie. Owning is better than renting; and, it is even better when Jim and Ion Real Estate are guiding you through the process!