DENVER Metrolist reported on June 6, 2014 that “the real estate market for the Denver metro and surrounding area saw increased activity in May as buyers scooped up available inventory despite near record prices.”
The pace of home sales picked up during the month of May, as the number of sold properties rose 19% month over month, however, is 6% down from last year. In particular, demand for single-family attached homes saw a marked increase, rising 25% over last May.
Inventory in the Denver area continued its upward trend – number of active listings increased 15% from April. However, the market is still very competitive, as days on market have decrease by 17% in May. Homes are moving quickly, averaging only 29 days on the market. Currently, there is a supply of just 7 weeks of inventory in Denver Metro area.
Looking at Denver real estate in particular, year-to-date residential sales (as of June 5th, 2014) are still on the rise, up 2.41% compared to last year. Year-to-date 5,360 residences have sold in Denver, while 5,234 have sold last year and only 4,014 sold during the same timeframe in 2011.
Interesting to note that number of detached single family sales is down form last year 10.41% – 3,384 homes vs. 3,777 homes during the same timeframe last year. There is a definite lack of inventory in detached homes on the market.
Attached (condos, town homes, etc.) home sales are on the rise – while only 17% of all residential sale in 2011 were of attached homes, so far this year 36% of all home sales were of attached homes.
Multiple offers are still present in this market and, in fact, are getting even more competitive than ever before.
Lana Cordier Shelton is happy to assist you with buying or selling your home in the Denver area, contact us anytime for detailed market report of your Denver zip code or to search inventory of homes in a Denver zip code.