In a bit of good news for area home buyers, the median home price in metro Denver remained unchanged in June, which may be a signal that the real estate market in the Mile High City is hitting its
Denver Sales Continue to Rise
Sellers rejoice as the market continues to gain momentum in Denver. Total sales for single-family residences in the Denver residential market in June were up 20 percent over last year, according to the latest data from Metrolist, a listing service serving Colorado real estate agents.
Metrolist said with a 6 percent increase over May's rising numbers, total sales for single family residences in the Denver market have far surpassed sales at this time last year. According to Metrolist, average days on the market fell another 8 percent to 72 days, a full 32 days shorter than June 2011.
Kirby Slunaker, president and chief executive of Metrolist, said the fast-moving market is a function of rising demand and dramatically reduced inventories.
Colorado is nearing inventory levels that are now 40 percent under last year's available units while sales continue to run well ahead of 2011 figures. So basically a property that’s priced right and ready to sell is moving quickly. Experts expect the Denver market to really sizzle this summer.
The Metrolist report also showed prices in the Denver metro area on the rise. The average sales price for single-family homes rose to $297,579 in June, a 5 percent jump from May and a 12 percent increase from last year. Excluding condos, the average home sales price in the region was $324,497 for the month.
With double-digit increases in prices and sales volume from last year, experts agree that Denver is among the better performing markets in the United States. As a community, we actually need more available inventory for homebuyers to choose from. If you’re considering selling, now is an ideal time to prepare your property for the market!
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 23 years of experience in collections, foreclosure/bankruptcy, los....