Housing market booming in Denver area
Homes in the Denver metro area are seeing sales climb in April. The latest research on the region's housing market points out that every industry category shows year-over year improvements, according to the Denver Post. The MLS listings in Denver showcase the market's recent improvements in the revolving inventory and rising listing prices.
How fast are houses for sale in Denver going?
The news source reports that buyers placed 5,681 homes under contract in April 2012 – almost 7 percent higher than March and a 20 percent increase from April 2011.
All the while, sales saw double digit increases with 3,891 units sold in April 2012, according to the Denver Business Journal. Sales also rose 12 percent from the month before and 14 percent from a year ago.
"This is such a rapid moving market," Michelle Ackerman, a real estate managing broker, told the news source. "Sales stats that I used to use from three months ago are no longer valid. To make a bid now, I have to call the broker of an under-contract property and get the price."
Key characteristics of the housing market in Denver
It isn’t just the decrease in the number of homes for sale in Denver that has the market improving. Roughly 18,000 properties were for sale a year ago, notably more than the 10,254 in April 2012.
The average price for a single-family home was $298,712 in April 2012, an increase of 5 percent from March 2012 and an uptick of 10 percent year-over year. The increase in sale prices is encouraging for current homeowners and buyers. The influx of new home closings may be slightly more than what was seen a month or year ago, but research shows that the market is on the mend and that consumer confidence is coming back.
The Denver housing market is neither a seller nor a buyer’s market. Unlike in many other metro areas of the United States, the scales aren't tipped in the favor of either party by the city.
"I contend that we are not totally in a seller's market. There are certain neighborhoods and price ranges where there is still a lot of inventory," Gary Bauer, real estate professional, told the Denver Post.
Check out the local MLS listings in Denver to determine if there are homes that fit within your budget.