Colorado Home Inventory Declines As Hot Selling Season Gears Up

Dated: 06/22/2017

Views: 475

Image title


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.

Blog author image

Ben Leonard

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....

Latest Blog Posts

Denver Housing Market Sets Records In May

The housing market doesn’t show any signs of cooling in the Mile High City as, to the dismay of many buyers, we set two records last month: record-high home prices and record low average days on

Read More

How Long Does It Take To Close On A Denver Home

In the Mile High City, taking a home from listing to the closing table happens, on average, in as little as 41 days. According to Trulia, that’s one of the shortest turnaround times in the country

Read More

Denvers Hottest Neighborhoods

Denver’s real estate market isn’t showing any signs of slowing down as buyers quickly gobble up available properties nearly as soon as they’re listed. But what are the most popular

Read More

April Saw A Jump In Home Prices And Inventory

According to recent data from the Denver Metro Association of Realtors, the median price of residential properties – both detached single-family homes and condos – rose to $417,000 in April.

Read More