At February’s end, there were only 6,786 homes available on the market in the Denver, Colorado area. This is the lowest number in available homes for sale in memory.
The start of 2013 was favorable with more new homes coming on the market. The January and February 2013 new home listing amounted to 8,258 new listings. The year prior 8,111 new active listings were recorded for January and February. When looking at unsold home comparisons for January and February 2013 from 2012, figures are down by 32.7 percent.
While the unsold homes on the market are off when compared to the prior year the market is bringing more homes on the market in 2013. A jump in contracts for homes of 23.9 was reported in January and February 2013 with a total figure of 9,464 when compared to that of 2012, which had a total figure of 7,636.
Other stats show that closings rose to 5,920 from 4,966 resulting in a 19.2 percent increase.
The market has been in a slow and modest recovery. Now, we are experiencing a record number of sales. There are a significant number of homes that are being brought to the market and the inventory is quickly picking up. Homes are being purchased nearly as fast as they are listed.
According to Denver Coldwell Banker’s broker, Chuck Fetterhoff, a client listed his home with their office just under $200K and by the end of the day the house was shown 40 times and had a cash offer of $240K on it.
Lower priced homes are going nearly as fast as they hit the market for substantially more than the asking price.
There are homes that are failing to sale, however, and for these home sellers it is discouraging. Buyers are grabbing what’s not over-priced and looks good. Home sellers that appear to be taking advantage of the rise of home prices are often the ones left disappointed.
Those that are pricing their homes at market value or slightly below seem to be getting the quick sale. Home owners that have their homes listed and they are not selling are finding it beneficial to take the home off the market, spruce them up, and re-list them.