Denver's Housing Market Continued to Recover in January Offering an Unprecedented Opportunity for Sellers
February 8, 2013
Year-over-year inventory levels continue to be low, home prices are up and average days on market (DOM) for Denver-area homes is down, making for a prime sellers' market according to the latest reports from Metrolist®, which powers REcolorado.com, a free resource for Colorado home buyers, sellers, and owners.
Since July of last year, the number of available homes on the market has continued to shrink. At the close of January, there were only 7,094 homes for sale, which is 8 percent fewer than December figures. While January numbers typically reflect a seasonal slow down, average sale prices remained up 11 percent from this time last year.
Indicative of the competitive housing market, sellers can expect an extremely quick sales cycle, as the average DOM is at 78 days, 25 percent below January 2012.
"The time is now for sellers who have been waiting to put their home on the market," said Kirby Slunaker, CEO and President of Metrolist. "Prices are back up to pre-recession levels and homes that have been priced appropriately are receiving multiple bids and closing at much faster rates."
"We're seeing a general sense of optimism within all facets of the housing industry and these numbers support what we've been hearing from local real estate professionals," says Slunaker.
Historically low inventory levels have also led to a long-awaited uptick in residential construction. According to REcolorado.com's recently launched new home construction search feature, 850 of the 8,600 listed properties were new homes.
REcolorado.com offers Colorado buyers, sellers and owners a free and easy resource to not only search for homes but also search for real estate agents, new construction and open houses.
"Given the competitiveness of the marketplace, it's going to be critical that buyers and sellers leverage the many resources that are available to them on REColorado.com as they coordinate their efforts with an experienced realtor," continued Slunaker.