Thursday, September 5, 2013

Metro Denver Sees Big Jump in Homes Listed For Sale

The Denver Post reported that Metro Denver had the biggest percentage increase in new listings of homes for sale of any major metro area last month, according to a report Monday from ZipRealty. 

The Denver area had 10,382 new listings come to market between June 16 and July 15, a 26 percent increase from the number of new listings that hit the market during the same period in 2012.

Buyers, however, appear to be absorbing the new supply, and inventories, while up from the spring, remain tight compared with historical averages. ZipRealty reports 11,357 homes available for sale in metro Denver as of July 15, 15 percent fewer than the 13,395 available on the same day in 2012.
But inventory levels are up sharply from the end of April, when only 6,945 homes were available for sale, according to data from MetroList.

Homes listed for sale are spending a median of eight days on the market in Denver, compared with 17 days a year earlier. That turnover is the shortest of any metro area ZipRealty looked at.
ZipRealty also found that Denver sellers are, on average, getting 100 percent of their listing price when they do sell.

"With more new listings and an increase in inventory, the sharp spike in sales prices will likely start to moderate in coming months," ZipRealty CEO and president Lanny Baker said in a statement.
The median sales price for homes in metro Denver is up about 9 percent year-over-year compared with a 16.8 percent median gain across the 24 metro areas studied, ZipRealty found.

What does this mean for you?
-Buyers: There will be a bit less competition for you, and a bit more to choose from, which is awesome. Prices may begin to steady out. 

-Sellers: Your home might not be sold in 1 week like earlier in 2013. Set more realistic prices and your home will still be sold!