Local Resource Reports Denver Housing Market Finding Equilibrium
DENVER – August 5, 2013 The latest data from Metrolist®, which powers REcolorado.com, a free resource for Colorado home buyers, sellers and owners, announced today that the month-to-month inventory levels in the Denver metro area increased at the same rate of homes sold, indicating a stable, orderly and strong local housing market.
More than 6,000 homes closed in July, which equated to a 10 percent increase month-over-month, and a significant 32 percent increase from July 2012. The increase in sales velocity signifies a healthy demand for Denver-area homes.
The sales velocity was matched by a 9 percent increase in available listings, but there are still 7 percent fewer homes on the market than there were at this time last year. The increasing inventory levels will continue to provide buyers with more and varied opportunities.
"While still very competitive, the market in Denver seems to be growing at a sustainable pace," said Metrolist CEO and President Kirby Slunaker. "Inventory increases within the last 90 days are providing a stabilizing factor for the market overall."
Sold prices leveled off within the last 30 days, averaging just over $315,000. Price stabilization has been a welcomed change from the month-over-month increases seen on a local and national scale, and is another indicator of a healthy, sustainable local housing market.
Meanwhile, the average days on market decreased 14 percent month-over-month to 37 days, which demonstrates the substantial demand for both new and existing homes.
According to Metrolist, rising interest rates are having some impact on the national marketplace as some buyers find their buying power slightly reduced. "As we review the details of the statistics we continue to see segments of the market that are more competitive than others. Certainly the upper levels of the market continue to remain very hot with the entry level of the market being more impacted by changing interest rates and slim inventory availability."
Metrolist recommends home buyers and sellers utilize the tools on REcolorado.com to get the up-to-the-minute information they need before entering into Denver's real estate market.
Through REcolorado.com, users can compare prices, look for new construction and research their financing options.
Before entering the market, buyers and sellers can get free access to up-to-the-minute housing information throughout the State of Colorado at REcolorado.com. The website offers advanced search features and filters for price and location, as well as home values and scheduled open houses. This comprehensive local resource enables both buyers and sellers to enter the housing market well informed.
Metrolist is the largest MLS in the state of Colorado, supporting the largest network of Realtors® with the most comprehensive database of real property listings throughout the Front Range. Realtor-owned since 1984, Metrolist provides leading technology solutions to real estate agents and brokers to better serve buyers and sellers. More information about Metrolist is available at www.metrolist.com.