Another positive report came out for the metro Denver Homes market today. The latest report from Metrolist shows that home sales have risen 20% from last month and 22% year over year. In addition, the number of Denver luxury home sales increased from May of 2012 as well.
Perhaps even more encouraging, especially for buyers in this hot market, is that the inventory of homes for sale has risen by 18% in May as compared to April, Showing some signs of a more balanced market emerging. However, the current inventory levels are still down 22% from May of 2012. That 22% lower inventory combined with the increase in sales means that buyers still need to move quickly in this fast paced market.
The report, covering May sales of single family homes and condominiums, shows 5,665 homes sold last month, a 20 percent increase from April and a 22 percent increase from the 4,625 sold in May 2012.
And while the inventory of for sale homes has been at historic lows for months, 18 percent more listings hit the market in May â€” 8,214 â€” compared to April. That level is still down 22 percent from May 2012, the report shows, but it's the second month in a row listings have increased.
â€œWe continue to see improvements on already promising figures,â€ said Kirby Slunaker, president and CEO. â€œWeâ€™re thrilled to see some inventory relief and matching strong sales numbers in the Denver market, weâ€™re taking those figures as signs of both homebuyer and seller confidence.â€
It's worth mentioning that the increase of sales in Denver luxury homes is beginning to level off. June will be a telling month for that market and we will continue to update you here.
Also, as always, each neighborhood and area has their own sub-markets. If yo would like us to run a detailed analysis of your area, call us at 303-726-1874.