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DMAR: Home inventory remains low

Highlights:

  • DMAR releases its first market report.
  • Report covers 11 counties.
  • Report is based on Metrolist data.

 

Anthony Rael

Anthony Rael

Low home inventory levels continues to plague the Denver-area housing market in April, the Denver Metro Association of Realtors reported on Friday.
DMAR, Denver’s largest real estate organization with more than 5,000 members, released  its inaugural “Denver Metro Monthly Real Estate Market Update” that provided local statistical data of the 11 counties of the Denver metro area.
DMAR created the Market Trends Committee to provide ”timely, consistent, and relevant market statistics,” according to the organization.
The report tracks homes sold by Metrolist members in the counties of Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.
“The Denver metro area market remains strong despite continued low inventory levels,” said Anthony Rael, Chairman of the Denver Metro Association of Realtors Market Trends Committee.
“The low supply of properties and high buyer demand can be overcome as we’re starting to see more seller-contingencies listings, which can provide sellers with the extra time they need to move on,” Rael said.
“Buyers who are patient or flexible with these types of sales are able to land some great opportunities.”
Inventory continued to remain low at the current sales rate.

The inventory of available homes for sale is 6,305 homes at the end of April, down 9.2 percent from the 6,945 in April 2013 and basically flat from the 6,341 homes available in March.
At the same time, 6,529 homes came onto the market in April, a 14.9 percent jump from the 5,682 in March, but down 5.3 percent from the 6,892 in April 2013.
Meanwhile, 5,134 homes were placed under contract in April and 4,340 homes closed at a median sold price of $275,000 and an average sold price of $327,339 resulting in a closed dollar volume of $1.4 billion.
Days on the market continued to see a strong downward trend with single-family homes remaining on the market for 42 days, and condos for 35 days.
Overall, the Denver home market continues to have less than a two-month supply available for sale at the current sales rate.
The median price of a closed home climbed from $275,000 in April, 7 percent higher than the $257,000 in April 2013 and up 3.8 percent from $265,000 in March.
The average price of all homes rose 5.4 percent to $327,339 in April from $319,686 in April 2013. The average price of all homes was 4.7 percent higher than the $312,537 in March.
Counties with the most active listings of all homes were Douglas, Jefferson, Arapahoe and Denver.
Metrolist Inc./ReColorado, powered by Matrix, provided the source material for the DMAR report.

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