The number of sold homes in January were up 14.5 percent from January of 2012 according to a report by Metrolist Inc detailing Denver homes for sale. This upwards trend is consistent with all of the data we’ve seen over the past 6 months.
This is obviously good news, but what is troubling, and what is not being reported by most news outlets, is that the number of “active” Denver Homes for sale in January 2012 dropped by over 41% from January of 2011. This drastically declining inventory has been a real problem both for our clients, and for the market as a whole.
While there ire definitely some Denver foreclosures that have not been listed by banks as they were waiting for the settlement finally announced yesterday, a larger problem is the constant reporting in the news that the housing market is in terrible shape. This negative reporting is causing many sellers to wait on listing their homes, or forgo listing their homes altogether.
While many areas of the country are in terrible shape, this is not the case for most of the metro Denver area. Over the past few weeks, our team has put many, many homes under contract. Two of the homes we listed went under contract in less than 7 days. Much of this is due to the complete lack of inventory in certain markets caused by the media misinformation.
As with all real estate, each market is completely unique, so if you would like a full report for your neighborhood, or a neighborhood you are considering moving into, give our team a call at 303-726-1874.
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