October Home Sales Continue Upward Climb
Low Inventory And Solid Demand Keep Sales And Price Figures Well Ahead Of Last Year
November 7, 2012
The latest data from Metrolist®, the largest real estate multiple listing service (MLS) serving Colorado real estate agents, show a continued strong real estate market in the Denver metro area.
According to the Metrolist report, a total of 4,095 properties sold in October, a 4% gain over the previous month, which itself was the best September in four years. Inside the total number of single-family residence sales, homes were up 3% while condos gained 6%.
Compared to the same month in 2011, overall sales in the Denver market were up an extraordinary 29% in October. The average sales price for properties during the month was $278,438, down very slightly from September but still 13% ahead of last year. Average days on the market, an important indicator of the housing market's health, was reported to be 66 days, well down from the 102 days it took to move a single-family property last year.
"Our outlook remains very positive," said Metrolist President and CEO, Kirby Slunaker. "The pipeline is looking good for November and December, with more than 39,000 units sold year to date and inventory still tight. I have to believe 2012 will close strong."
Inventory, meanwhile, continued to shrink. Metrolist reports a total of 9,719 residential properties for sale at month's end, down from 10,470 units available at the end of September. By larger comparison, there were 14,156 properties on the market this time last year, nearly one-third more than October 2012.
"If the number of available homes continues to stay low and total days on market remains at historic lows, we're looking at the potential for a very healthy sellers' market closing out 2012," says Mr. Slunaker.
"Under contract numbers continue to look fairly robust," says Mr. Slunaker, "which should result in a continued positive move into November and December, especially compared with prior year sales figures. Denver continues to be a great market for home sales and activity."
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