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REcolorado: Home inventory remains low

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REcolorado snapshot of the Denver-area housing market.

REcolorado snapshot of the Denver-area housing market.

Highlights:

  • REcolorado released its March report today.
  • REcolorado shows 6,247 homes added to the market in March.
  • Active inventory, however, stood at only 5,166.

 

By John Rebchook

There were “an impressive” 6,247 new listings added to the Denver-area housing market in March, a 37.7 percent jump from the 4,537 new listings in February, according to a report released today by REcolorado.

However, the new listings, which were 3.4 percent higher than the 6,041 in March 2014, did little to ease the metro area’s home inventory crunch, noted REcolorado, the state’s largest MLS, with more than 17,000 members in the Denver area.

There were only 5,166 active listings on the market last month, about 1.6 percent more than record low in February and a 24.5 percent drop from the 6,840 homes buyers could choose from in March 2004.

“We saw an impressive number of new listings come on the market in March, which was a welcome sign as we kick off the 2015 buying and selling season,” said Kirby Slunaker, president and CEO of REcolorado.

The March report shows increases across most major indicators, signaling the start of what is shaping up to be a very active and competitive selling season.

REcolorado snapshot of the Denver area housing market.

REcolorado snapshot of the Denver area housing market.

For example, the average price of a home set a record of $345,580, 2.8 percent higher than the previous record of $344,796 and 17.96 percent higher than the median price of $$264,500 in March 2014..

“The Denver area’s tremendous growth, strong economy, and low unemployment rate, along with interest rates that are remaining near historic lows, are keeping demand for housing very strong in our market,” according to Slunaker.

An earlier report by the Denver Metro Association of Realtors, showed a similar trend in the Denver-area housing market in March.

Have a story idea or real estate tip? Contact John Rebchook at JRCHOOK@gmail.com. InsideRealEstateNews.com is sponsored by 8z Real Estate. To read more articles by John Rebchook, subscribe to the Colorado Real Estate Journal.