There were only 20,853 unsold homes on the market last month.
That is an astounding 20.1 percent drop from June 2008, when there were 26,104 unsold homes on the Denver-area market, according to a report by independent real estate broker Gary Bauer, who tracks monthly Metrolist data. I say “astounding,” because June 2008, was also a low inventory month for unsold homes.
I dug a little deeper, and found that this June showed the fewest number of unsold homes on the market since at least 2002.
“That makes sense,” said Lydia Lin, owner of One Realty Inc. in Denver. ” “There is not much on the market. I look at it several times a day.”
Here are the year-by-year breakdown of unsold homes on the market in June:
2002: 21,538
2003: 26,533
2004: 28,043
2005: 25,817
2006: 31,900
2007: 30,256
2008:26,104
2009: 20,853
It’s pretty amazing to think that there are fewer homes on the market than in 2002.
If these were normal times, you would also assume that with such a low inventory, home prices would be skyrocketing. I can remember, for example, when apartment building prices were skyrocketing in Denver because owners were enjoying the cash flow so much, nobody wanted to sell and pay the capital gains. At the same time, demand for them was unprecedented.
At this juncture, the supply side is way down, but the demand side of the equation is anemic.
“I expected there to be more homes on the market,” said independent broker Gary Bauer.
Lin sees a dearth of homes on the market
