According to last week's press release from Metrolist, home sales in the metro Denver area were up 13 percent from October 2012 to October 2013, up from 4,095 to 4,628.Average days on the market was also down from 66 days to 44 days over the same period.
According to the release:
Denver’s Hot Early Season Results in Lively Fall Housing Market
DENVER – November 5, 2013 – The latest data from Metrolist reveals little change in several key areas from prior months, maintaining home prices and strong sales throughout the fall/winter months.
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.”