Increase in Available Homes Relieves Denver Housing Market
DENVER – July 3, 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 increased significantly, while home sales decreased, indicating a cooling of the market.
Available home listings increased 12 percent from a previous record breaking month-over-month spike but there are still 16 percent fewer homes on the market than there were at this time last year. The total supply of Denver-area condos and single-family homes would last about 60 days.
“The Denver housing market is finally seeing some relief from our long-term undersupplied conditions,” said Metrolist CEO and President Kirby Slunaker. “We’re still seeing strong sales figures, which were coupled with another jump in sales prices—it’s clear buyer and seller confidence remains high.”
Home sales experienced a minor slowing in pace in June, which was coupled with a decrease in days on market to 43 days, signifying a not only a competitive balance of available listings and local demand but a clear race to lock in housing contracts before interest rates go up.
Rising interest rates clearly have a significant impact on the marketplace as some buyers have found their buying power slightly reduced, however, the continued availability of historically low interest mortgage loans still makes for a very fast-paced marketplace. Metrolist recommends homebuyers and sellers visit REcolorado.com to find REALTOR® representation to capitalize on Denver’s housing market.
REcolorado.com provides homebuyers and sellers with the up-to-the-minute information they need before entering into Denver’s real estate market. Homebuyers and sellers can search for homes as they become available and compare prices within their neighborhood of choice.
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.