The latest Denver-area housing data indicate that the market is shifting from one in which buyers are in the catbird seat to one in which sellers have the upper hand, the president and CEO of Metrolist said today, reflecting on the data released earlier this week by his organization, the largest real estate multiple listing service in Colorado.
As independent Realtor Gary Bauer reported earlier this week, sales of single-family homes in the Denver area climbed by 19 percent in May from April. In addition, the average days on market dropped 11 percent to 78 days and the average price of a home sold in May rose to $284,059, up 2 percent from April’s average of $275,241. Excluding condos, the average home sales price in the region was $307,896 in May.
“With sales and under-contract listings running more than 20 percent ahead of last year, the Denver market is showing a lot of promise,” said Kirby Slunaker, President and CEO of Metrolist. “And in terms of the past three years, inventory is at an all-time low. I think we might have a very healthy seller’s market on the horizon.”
Metrolist’s May data showed the total inventory for the Denver metro area stood at 10,591 units, a number slightly ahead of April, but down a whopping 41 percent when compared with May 2011.
“We’re hearing about reports of multiple offers on properties and we’re already seeing a steep drop in days on market for single family residences,” Slunaker said. “With about a three-month supply of available homes and another uptick in the average sales price, we have an extremely positive outlook for this summer’s housing market.”