With the unprecedented growth in the Denver metro area over the past couple years, it was only a matter of time before home prices in the Mile High City jumped over the $500,000 mark. According to
Colorado Home Inventory Declines As Hot Selling Season Gears Up
If you’re on the house hunt in Colorado, you’re no doubt aware that your options are limited and competition is fierce. But just how low are the numbers? And what can you do to increase your options?
According to recent data from the Denver Metro Association of Realtors, across Colorado, there were 20,100 active residential listings available on the market at the end of May. That’s a 32 percent drop in the active inventory of homes for sale versus a year ago, with about 10,500 fewer single-family homes and 2,100 fewer condos available for sale.
In the Denver metro area, in particular, there were 6,223 single-family homes available for sale last month, down 37.5 percent from levels of a year earlier, which were already depressed. The active inventory of condos was 1,565, a 14.5 percent drop from a year earlier.
In May, more sellers hopped on board, resulting in a 10 percent jump in listings, but competition is beyond fierce as those properties were gobbled up fast.
Sellers showed up as expected in May, with new listings up more than 10 percent compared to April both statewide and in metro Denver. But buyers quickly grabbed what came on the market.
According to DMAR, given the current pace of sales, the state has about a two months’ supply of homes on the market, which is about 34 percent below year-ago levels. To put that into perspective, experts consider four to seven months’ supply to indicate a more balanced market.
One way potential homeowners are increasing their options is by adding distressed properties to the search. Foreclosed, short sale or REO (banked owned homes) are a great way to break into homeownership and start building equity. If you’re interested in checking out distressed properties – or any properties in the area – give Metrowest a shout. Our industry pros would love to show you around.
Ben Alan Leonard is currently serving as a Broker Associate with Metrowest Real Estate Services. He has invested, worked and lingered in the Real Estate field for many years. Previous to working w....
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