Finally – Every Market Trend Is Up
October 20, 2015 | Buying
All year we’ve been hearing the word “up” associated with the metro Denver real estate market. Prices are up. Number of homes sales is up. The only thing consistently down has been inventory – the number of homes on the market has lagged behind last year’s levels.
Now, even inventory has jumped over to the up side of the ledger. There were 9000+ resale homes on the market at the end of September . That is a 24.46% increase from where it stood at the end of September in 2014.
This inventory increase is causing the market to calm down slightly from its frenzied state earlier in the year. Make no mistake … it’s still a seller’s market. We still have less than 2 months of inventory on the market and that is a seller’s market by anyone’s definition of the term. However, we are seeing an increase in the number of days on the market and a decrease in the number of homes with multiple offers due to the larger inventory.
The climbing inventory is welcome news for buyers that may have been frustrated earlier this year with the difficulty of getting a property under contract. It seemed to involve almost hand-to-hand combat with other buyers to end up as the successful bidder. That situation has eased off and especially so as the price climbs up into the $300,000+ range. When you get to the upper 10% of the market at asking prices of $600k and greater, there is a very balanced supply and demand pattern with close to five months of inventory available.
Here’s the summary through the first three quarters of 2015:
The numbers above, are for homes handled by real estate agents through the metro Denver MLS system. We lump all of the single family and multi-family homes sales together to give you a feel for the overall market. We also do 12-month averages for certain stats as it helps show true market trends.
You can see a more extensive breakout between the single family and multi-family segments of the market by clicking on the links at the end of this post.
If you like the look of those reports, get in touch with a CHR agent. They can produce one for you that is specific to your zip code and property type. The market is not uniform. Your part of town may be doing better or worse than the metro-wide averages.
Share this Post