Home Inventory Low in Denver - Real Estate and Technology News for Agents, Broker

Home Inventory Low in Denver

It's a good time to put your home on the market. The availability of good homes for sale in the Denver metro area is dwindling.

"Inventory is down 40% from last year," said Carole Dieterich with The Kentwood Company Cherry Creek at 44 Cook Street, Suite 900, 303-475-2965, "Buyers are frustrated with the low number of homes available to pick from." Carole went on to say that she has been getting a steady flow of phone calls from other REALTORS® looking for homes to purchase for qualified buyers.

According to a report from Metrolist, the inventory of metro Denver single family homes and condominiums continued to fall in December 2011. The number of available homes on the market fell 12% from November.

Year-end numbers for home sales were also included in the Metrolist report. Dennis Huspeni of The Denver Business Journal writes about the highlights and trends from 2011:

Average Days on Market: 108 (average of 92 in 2010)
Average Sales Price: $255,492 (average of $257,000 in 2010)
Homes under Contract: 47,373 (49,313 in 2010)
Closings: 39,387 (38,818 in 2010)

Many home sellers are still wary to enter the market, but basic economics tells us that when inventory decreases, the potential to get a better price increases. The key is that your property needs to be in top condition. A REALTOR® can give you home selling tips to make sure your home sells in the shortest amount of time possible.

Analysts predict a slight increase in sales in 2012 but nothing dramatic. Everyone is focused on the economy and 2012 looks like there will be an steady increase in transactions and prices.

Read the full story at The Denver Business Journal.

photo credit: Jonathan D. Blundel