Trends for May/June 2012 in Denver Metro Real Estate:
- LOW INVENTORY – fewer homes for sale still increasing demand. Currently 10,591 active listings (vs. 10,325 in April). This is still down 40% from 1 year ago
- MULTIPLE OFFERS – still seeing mult. offers for homes under $300k
- AVERAGE SOLD PRICE UP 3% FROM LAST MONTH….AND 10% FROM 2011 – Average sold price is $284k. Finally prices are going up! We knew this would happen once supply/demand adjusted the market. We are now seeing prices trend upwards. What does this mean? More sellers will likely hit the market as they can sell for the price they are hoping/needing.
- APPRAISALS – earlier this year they were a big challenge. They are starting to come in at higher values which is helping keep deals together.
- DAYS ON MARKET DOWN 13% FROM LAST MONTH (NOW 78 DAYS) – and down 28% from last year