Denver Homes: Sales and Prices Up, Inventory Down

New month, same story for Denver homes. The numbers from Metrolist in June continue to support what we have been documenting here for months. The market is moving very quickly and prices are rising.

As agents, our biggest problem is with the lack of inventory for our buyers. The current levels of available homes for Denver homes, Denver foreclosures and even Denver short sales are at historic lows (10,925 homes on the market in June). This incredibly low inventory is forcing buyers into bidding wars, and if they lose the bidding, there may not be any suitable alternative for their price range and area.

From the Denver Business Journal:

Inventory levels continue to remain at historically low levels, with 10,925 homes on the market in June — while up slightly from May’s 10,591, that’s 39 percent below the 18,026 homes available in June 2011.

“The bottom line is we need more available inventory for homebuyers to choose from,” Slunaker said in the release.

The average sales price rose to $297,597 in June, up 5 percent from May’s average and up 12 percent from June 2011’s average of $266,493.

Meanwhile, the average days on the market continued to drop, to 72 days in June, down from May’s 78 and down 31 percent from 104 days in June 2011.

New listings for Denver HUD homes and other Denver foreclosures typically generate multiple bids and the finally selling price can be significantly higher than the starting list price.

If you would like information on the market for a specific neighborhood give us a call. our team of experts can help you navigate the crazy market and educate you on the different bidding procedures for Denver HUD homes and other Denver foreclosures. Call us today at 303-726-1874.



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