Thursday, July 5, 2012

Metrolist: Inventory down again in June

FYI, the latest release from Metrolist:
The latest data from Metrolist, the largest real estate multiple listing service (MLS) serving Colorado real estate agents, show June to be another impressive month for Denver Metro area home sales.

With a 6% increase over last month’s rising numbers, total sales for single family residences in the Denver residential market are now running 20% ahead of the same period last year. According to Metrolist, the provider of, average days on market (DOM) fell another 8% to 72 days, a full 32 days shorter than June 2011.

According to Kirby Slunaker, President and CEO of Metrolist, the fast-moving market is a function of rising demand and dramatically shrinking inventories.
“We’re nearing inventory levels that are about 40% under last year’s available units while sales continue to run well ahead of 2011 figures,” says Mr. Slunaker. “In other words, product that’s priced right and ready to sell is moving quickly. We expect the Denver market to really sizzle this summer.”

The Metrolist report also showed prices in the Denver metro area on the rise. The average sales price for single-family homes rose to $297,597 in June, a 5% jump from May and  a 12% increase from last year. Excluding condos, the average home sales price in the region was $324,497 for the month.

“With double-digit increases in prices and sales volume from last year, I have to think Denver is among the better performing markets in the U.S. today,” says Mr. Slunaker. “The bottom line is we need more available inventory for homebuyers to choose from.”