In January 2015, there were 5,152 homes listed by Realtors, which is a four percent decrease from the 5,352 homes listed in December 2014 and a huge 26 percent drop from the 6,981 active listings in January 2014, according to REColorado (formerly Metrolist).
A total of 3,964 new listings were added to the market in January, which was 62 percent more than in December 2014, but the vast majority of these homes were sold quickly in Denver’s current robust market. A total of 4,514 single-family homes and condominiums were placed under contract in January for a 28 percent increase from December.
However, for each new home hitting the market, more than one listing was sold. So when demand is greater than the supply, simple economics dictates that prices will rise…and prices are rising in rapid fashion.
REColorado reported the median price of homes sold in January was $285,000, a 14 percent increase from the same period last year. The record low supply, coupled with strong demand, bodes well for continued home appreciation, which means prospective buyers should act promptly in order to avoid additional price increases while taking advantage of mortgage loan rates that remain below four percent.
Despite record low inventory, there are still outstanding home buying opportunities that can fulfill your great American dream of home ownership. The market is challenging, but an experienced Realtor can map an individual strategy for buyers and sellers alike. Please visit www.DenverRealEstate.com and make your dream come true in a seamless, rewarding manner.