In what is normally a slow period for real estate, 4,685 homes and
condos sold in the Denver residential market last month, a 1% jump from
July. More impressively, August 2012 sales were up a whopping 18% over
the same period last year. Similarly, this month’s average price of
$285,692 was mostly unchanged on a month-over-month basis, but a full
10% higher than August 2011.
Of particular note, inventory of residential
properties for sale remained steady in August at 10,826. By comparison,
there were 16,631 homes for sale in August 2011, and only 3,973 sold for
the month. Properties averaged 99 days on the market last year,
compared to only 64 last month.
“Everything we’re seeing points to a steady recovery in the Denver
housing market,” says Kirby Slunaker, President and CEO of Metrolist.
“The combination of limited supply and strong demand indicates a durable
recovery is underway.”
Beyond a slight seasonal dip in July, home sales in the Denver metro area have posted monthly annual increases since February.
“Based on what we’re seeing at the national level, our housing market
is among the more healthy markets,” says Mr. Slunaker. “As we go into
the fall season, we expect to end the year strong.
