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
Metro Denver Home Inventory Increases In June
That’s right, you read the headline correctly! After months of dwindling inventory in the area, the Denver Post recently reported that new home listings increased in June throughout metro Denver, though the pace of sales slowed a bit, which did help boost the number of properties available on the market.
Last week’s report from the Denver Metro Association of Realtors (DMAR) indicated there were 6,796 homes and condos available for sale at the end of June, which was 24.4 percent more than active listings at the end of May. Anthony Rael, chairman of DMAR Market Trends Committee said they are beginning to see signs of a much needed market correction and a market plateau may be on the horizon.
June, July and August are the months when home inventories are most likely to hit a peak. Still - in Denver - the number of active listings is under half the historical average, which means buyers still face a limited selection.
However, the 24.4 percent jump was still very significant. Since 2005, the typical increase between the inventory in May and June has averaged closer to just 4.4 percent.
The DMAR analysis also reported that June saw 7,615 new listings come on the market, 12.2 percent more than in May. Buyers closed on 5,324 homes and condos during the month, a 2.9 percent increase from May, but a 13.1 percent decrease from June 2015.
Andy Potarf is a native of Denver and a graduate of Colorado State University. He works with first time homebuyers needing help getting prequalified all the way up to and including seasoned invest....