DENVER – November 5, 2013 – The latest data from Metrolist®, which powers REcolorado.com, a free resource for Colorado home buyers, sellers and owners, reveals little change in several key areas from prior months, maintaining home prices and strong sales throughout the fall/winter months.
Home sales have cooled only slightly from mid-summer levels while inventory and pricing have stabilized. Nearly 5,000 homes sold in October, which was a slight 2 percent decrease from September, but remains at an unseasonably high number of homes sold at this time of year.
The average sold price of new and existing homes was unchanged from September, remaining just under $305,000. The average sold price of condos in the metro area is just under $200,000.
“Our Brokers and Agents have seen a very busy year with a record-setting selling season,” said Kirby Slunaker, CEO and President of Metrolist. “Sales, inventory levels and average home prices have changed very little from prior months, keeping the market nearly as competitive as the hot summer months.”
Inventory is down 6 percent from September, which has helped average prices stabilize instead of drop with the temperatures. The ‘days on market’ measurement has increased slightly, as expected, from last month; however, the Denver market maintains less than 7 weeks supply of homes at this time.
“While the market has slowed down slightly as one would expect, the numbers are incredible,” said Slunaker. “Increasing inventory spurred on by hot early season buying will continue to provide buyers with more and varied opportunities.”
Average mortgage rates continue to remain low and steady, leading Metrolist to forecast a busy local real estate market well into 2014 and recommends thorough research before entering the market.
Before entering the market, buyers and sellers can get free access to up-to-the-minute housing information throughout the State of Colorado at REcolorado.com. The website offers advanced search features and filters for price and location, as well as home values and scheduled open houses. This comprehensive local resource enables both buyers and sellers to enter the housing market well informed.
Metrolist is the largest MLS in the state of Colorado, supporting the largest network of Realtors® with the most comprehensive database of real property listings throughout the Front Range. Realtor-owned since 1984, Metrolist provides leading technology solutions to real estate agents and brokers to better serve buyers and sellers. More information about Metrolist is available at www.metrolist.com.