As the Colorado real estate market ramped-up in 2012, one of the issues facing the Metro Denver real estate market as 2013 began was available inventory of homes for sale when compared to previous years. In March/2012 there were 2299 active single family listings in Metro Denver. In March/2013 that number was 1353 representing a 41.14% reduction, which was driven by increased buyer activity.
When comparing March/2013 to March/2012, single family home sales are up 18.03% for Metro Denver. Attached unit sales are up 27.01% for the same time periods. Collectively, those two market segments are up 20.58%.
Below are some sold numbers for single-family homes for various areas throughout Metro Denver. Information is courtesy of MetroList (Denver Metro MLS).
As spring deals with winter’s last feeble efforts to hang on, this is the scenario that exists across Metro Denver, the Boulder Valley, South Metro Denver, and Northern Colorado – fewer listings and more sales. Combined with low mortgage interest rates the result is a perfect storm, if you’re a seller.
Normally, scarcity creates demand, which in turn adds value to whatever is in short supply. Looking at the Metro Denver real estate market and average sales value, the average sales value for single family homes year-to-date in March/2012 was $281,476. That number in March/2013 was $327,571, a 16.37% increase year-over-year.
Look for the Metro Denver spring real estate market to continue to thrive. Available inventory will creep-up, but will continue to be swept-up by prospective buyers waiting in the wings. Mortgage interest rates have trickled-up over the past few weeks, but there are no signs on the horizon they will shift noticeably either up or down for the balance of 2013.