Denver, CO (PressExposure) May 14, 2012 -- New data from Metrolist®, the largest real estate multiple listing service (MLS) serving Colorado real estate agents, show another uptick in Denver Metro area home prices as inventories hit their lowest level in three years.
According to Metrolist, the provider of REcolorado.com, the average sales price for the Denver residential market jumped another 6% in April to $275,241. Metrolist's April data show notable increases in every important component, including sales pending contracts, sales under contract, and sales for single family homes, while days on market (DOM) continue to shrink.
According to Kirby Slunaker, Metrolist's President and CEO, the uptick in average sales price last month may be the start of an upward trend in the metro Denver market.
"We continue to see tight inventory in the market, which means there are about two to three months of available supply," said Mr. Slunaker. "With these tight inventory levels, I wouldn't be surprised to see further price appreciation into this summer's buying season."
Compared to April last year, the average price for a single-family residence in the Denver metro area is 11% higher, while the number of homes for sale is down by 43%.
As steadily declining inventory pushes prices higher, buyers who must make a purchase decision should expect to be aggressive and ready to make multiple offers. Sellers, meanwhile, need to be ready to evaluate multiple offers with their Realtor®.
Metrolist launched REcolorado.com earlier this year as a way to give buyers, sellers, and brokers the ability to prepare for a fast-moving market this summer The consumer-friendly search engine incorporates a variety of tools to help in the home buying process, including enhanced listing information with access to school and neighborhood data. REcolorado.com also helps interested homebuyers and sellers find agents who specialize in their market.
"We're seeing product that is move-in ready and in tip-top shape moving quickly," says Mr. Slunaker. "We're urging all potential buyers and sellers to gear up right now for a competitive marketplace."
Metrolist is the largest MLS in the state of Colorado, supporting the largest network of Realtors® with the most comprehensive database of real property listings throughout the Front Range. Realtor-owned since 1984, Metrolist provides leading technology solutions to real estate agents and brokers to better serve buyers and sellers. More information about Metrolist is available at http://www.metrolist.com.