Denver’s Hot Early Season Results in Lively Fall Housing Market
DENVER – November 5, 2013 – The latest data from Metrolist®, which powers REcolorado.com, a free resource for Colorado home buyers, sellers and owners, reveals little change in several key areas from prior months, maintaining home prices and strong sales throughout the fall/winter months.
Denver home sales have cooled only slightly from mid-summer levels while inventory and pricing have stabilized. Nearly 5,000 homes sold in October, which was a slight 2 percent decrease from September, but remains at an unseasonably high number of homes sold at this time of year.
The average sold price of new and existing homes was unchanged from September, remaining just under $305,000. The average sold price of condos in the metro area is just under $200,000.
“Our Brokers and Agents have seen a very busy year with a record-setting selling season,” said Kirby Slunaker, CEO and President of Metrolist. “Sales, inventory levels and average home prices have changed very little from prior months, keeping the market nearly as competitive as the hot summer months.”
Inventory is down 6 percent from September, which has helped average prices stabilize instead of drop with the temperatures. The ‘days on market’ measurement has increased slightly, as expected, from last month; however, the Denver market maintains less than 7 weeks supply of homes at this time.
“While the market has slowed down slightly as one would expect, the numbers are incredible,” said Slunaker. “Increasing inventory spurred on by hot early season buying will continue to provide buyers with more and varied opportunities.”
Average mortgage rates continue to remain low and steady, leading Metrolist to forecast a busy local real estate market well into 2014 and recommends thorough research before entering the market.
“As the summer peak season comes to its end, we at Metrolist are focused on launching a new core MLS system. Matrix, from CoreLogic,” said Slunaker. “The Matrix platform will give our Brokers and Agents better tools, better access and an enhanced ability to help buyers and sellers.”
Slunaker continued, “the Matrix platform and a re-launched version of REcolorado.com will be in full swing by the end of November. The site will enable full access to accurate, up-to-the-minute information for Brokers, Agents and homebuyers—encouraging a well-informed and happy journey home for Denver homebuyers.”
No matter when homebuyers are entering the market, it remains critical that they come to the table well informed. REcolorado.com has the most up to date and accurate information when it comes to all things Denver real estate and serves as Denver one-stop-shop for neighborhood, lifestyle and pricing research.
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.