The most recent housing market statistics from Denver’s Metrolist show a continuation of the months-long trend of low inventory and high prices, making for an exciting opportunity for sellers.
According to Metrolist, the number of homes and condos on the Denver market dropped significantly from July to August: 10% for houses; 19% for condos, creating a less competitive market on the sales side.
No doubt as a result of high demand, homes are selling at a fast clip, generally in less than a month: 28 days for houses; 24 days for condos. This represents a 4% increase in selling time for houses over July and a 4% decrease in selling time for condos from July.
While prices eased just slightly over that time period, by 1% for both, the average cost of a house is still well above the national average: $375,600 for houses and $222,000 for condos.
All of the statistics released for August 2014 show a much more favorable market for sellers over last August, when there were 56% and 53% more homes and condos on the market and they took 20% and 35% more days to sell, respectively. Prices are also up from August 2013: 9% for houses and 11% for condos.
In all, those considering putting their homes on the market will find the conditions extremely favorable at this time.
RE/MAX of Cherry Creek
Denver real estate