Inventory. That continues to be the single most important word in the Denver real estate market as the spring and summer seasons approach. Recently, the lack of homes for sale in the Denver area has pushed up prices and made the market a difficult one to navigate, particularly for those interested in buying. Now, a look at the March numbers in the Denver metro area shows that the market might just be headed in the right direction—at least for now.
The number of active listings in March was up 21 percent when compared to the previous year, according to Metrolist statistics, a database of real estate listings along the Front Range. What's more, sales in March were down 13 percent compared to 2013 numbers. "We’re seeing buyers and sellers moving early this year,” said Kirby Slunaker, president and CEO of Metrolist, Inc., in a statement. “Fortunately, while the market is moving quickly, there’s an increasing inflow of new listings, which is a positive sign for buyers."
Buyers, however, shouldn't rejoice just yet, Slunaker said. "We continue to see tight inventories—maintaining a supply of just seven to eight weeks—which was often a challenge for buyers and sellers last year,” Slunaker says. “We expect more listings to come on the market as we get closer to spring, but we may also see increases in average price as inventories remain tight."
Indeed, prices were slightly higher in March. The average single-family home sold for $310,992, according to Metrolist, which was up five percent when compared both to February 2014 and March 2013.
—Image coutesy of Shutterstock