DENVER (BusinessDen) — The inventory of homes in Denver hit an all-time low last month, forcing homebuyers to fight amongst themselves.
At the end of August, there were 5,496 active listings, which is 41 percent less than a year prior, according to the Denver Metro Association of Realtors. In particular, single-family homes were scarce, and the average home price reached a new record high of $606,330.
“It’s unfortunate for buyers. But wow, sellers are doing well and gaining equity every month,” said Jill Schafer, chair of the market trends committee at DMAR and broker for Kentwood Real Estate. “People are fighting over homes if it’s priced right and in good condition.”
The association’s numbers pertain to an 11-county region it considers the metro area. Those counties are Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park.
Buyers closed on an all-time high number of homes in July. Home sales dropped by nearly 19 percent in August, to 5,959 sales. But that was still the most sales of any August on record.