January's statistics showed impressive increases in the number of new listings that came on the market, indicating sellers are looking to get a jump on the selling season and take advantage of what continues to be a prime seller's market. January saw 3,964 new listings come on the market, a 62 percent increase over last month.
Indicative of the competitive housing market, sellers saw an extremely quick sales cycle. The average days on market remained at just 39 days, 17 days less than January 2014. Buyers began scooping up the new inventory quickly, as 4,514 listings went under contract, a 28 percent increase over last month.
Residential housing inventory levels in the greater Denver area remained at historically-low levels, despite the increase in new listings. Since July of last year, the number of available homes on the market has continued to shrink. At the close of January, there were only 5,152 active listings on the market, a four percent decrease over last month and 26 percent less than last year.
While January brought a slight cooling in average sales price, home values remained high. At $329,141 average sale price was down 3 percent month over month but up nine percent year over year. Sales also saw a seasonal downtick. In January, 2,497 homes sold, which was a 37% decrease compared to December.Read more at ReColorado.com, anddownload a copy of the report here.
Below, you can watch this month's market report video, featuring Live Urban brokers Mark Pledger and Sue Perrault, who visit Denver's Union Station and the LoDo neighborhood.
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