Metrolist, the largest real estate multiple listing service (MLS) serving Colorado real estate agents, recently reported data suggesting the Denver real estate market is heading towards a seller's market, something unimaginable just one year ago. Their report, published on June 7th, shows increased sales volume and price in our residential real estate market.
Unit sales for single family residences the Denver residential market climbed to 4,625 in May, a 19% increase over the previous month. Average days on market (DOM) according to Metrolist, the provider of REcolorado.com, dropped 13% to 78 days.
The average sales price, meanwhile, jumped further in May, rising to $284,059, a 3% gain from April's average of $275,241. Excluding condos, the average home sales price in the region was $307,896 for the month.
"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 sellers' market on the horizon."
Metrolist's May data indicated total inventory for the Denver metro area stood at 10,591 units, a number slightly ahead of last month but down significantly (41%) compared to the same period last year.
"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," said Mr. Slunaker. "With about three months' supply of available homes and another uptick in the average sales price, we have an extremely positive outlook for this summer's housing market."
Read the entire report here.
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