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End Of The Year Proved To Be Strong For Sellers

Lower Inventory And Fewer Days On The Market Drove Prices Higher

January 7, 2013

According to the latest data from Metrolist®, the provider of a comprehensive Colorado real estate search platform, the Denver housing market boasted strong sales late in the year, with 3,400 homes sold in December alone.

Denver is one of a growing number of metropolitan areas across the country now considered a seller's market. In both November and December, the number of homes sold, under contract or pending settlement outnumbered those available.

"All over the country, home sales in the winter months proved to be a bright spot in the headlines," observed Kirby Slunaker, Metrolist President. "The average sales price for a Denver-area closing in December was $289,926, a noticeable jump from November's average prices."

The inventory of single family residences and condominiums has dropped by more than 50 percent from its high in July of 2010, and the average days on the market (DOM) to sell a home is now under two and a half months.

"Available homes on the market shrunk even further in December 2012. In fact, the close of December had the lowest inventory levels since 1998," said Mr. Slunaker. "We're seeing a lot of competition for homes that are available. With an average of 73 days on market for December home sales, we anticipate the market to remain brisk in 2013."

This residential market rebound means homebuyers need to be well informed and prepared to negotiate. One local resource that can help navigate the current competitive marketplace is REcolorado.

The site gives consumers free access to up-to-the-minute housing information throughout the state of Colorado. Both buyers and sellers can research homes, search for open houses and easily calculate home values.

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