Report from Denver MetroList
DENVER – May 12, 2014 – More Denver Metro area homes hit the market in April, as buyers and sellers jump into the spring selling season.
April’s active real estate listings were up 6 percent over March, and the number of new listings on the market increased 15 percent month over month. The pace of home sales picked up as well, with the number of sold properties up 16 percent over March.
While there is slightly more inventory available this year, the market is still very competitive as inventory remains tight and days on market dropped 26 percent in April. Year over year, the number of active listings was up 29 percent, and the number of properties sold in April was down 9 percent compared to 2013.
“Inventory was higher in April than last year at this time, and we anticipate the number of available homes will continue to rise as we move farther into the spring selling season,” said Kirby Slunaker, CEO and president of Metrolist, Inc. “We continue to see a high level of demand for properties and overall inventory is low, so we expect the market will remain very competitive.”
Continuing a 36-month trend, prices for single-family homes continued to increase in April, with the average sold price up 5 percent over March and 6 percent year over year. Demand for single-family attached homes in particular continued to rise. Sales in April were up 16 percent over March and 20 percent over last April. The average single-family attached property spent just 30 days on the market in April, down 36 percent over last year, and the average sold price was up 15 percent, year over year.
“The rental vacancy rate in the Denver Metro area remains low,” Slunaker said. “We expect that’s what is driving a lot of the strong demand for single-family attached properties, which are often easy to rent.”
Even in the fast-moving market, brokers and agents have transitioned easily to Matrix, the new MLS system, and its newly enhanced public website, REcolorado.com. For buyers in this competitive market, REcolorado.com is the most accurate, current and up-to-date information source for new, under-contract, and sold property listings.
What does all this mean to you if you’re planning on moving. It means with prices on the increase and interest rates still very low, now is the time to be looking to buy a home before both of those factors increase. And if you’re selling, this is the best time in the last six years to be doing so. Want an opinion of what your home is worth today? Give me a call 303-343-9600 or email me chuckfetterhoff@comcast.net – I’ll do the research and give you that value.
“It’s a privilege to live in Colorado”
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