DENVER -- A report from the Denver Metro Association of Realtors shows an increase in the number of news homes listed for sale in the metro area from May to June.
PorchLight realtor Lori Abbey said it’s no secret the housing market has been hot over the past couple of years. Interested buyers would have just hours to make a move.
“If something came on, we'd have to move the next morning,” Abbey said. “I mean, we'd have to rearrange work schedules.”
But are things balancing out?
According to the DMAR report, from May to June, more for sale signs popped up across the metro area. New listings increased 24.2 percent.
“Normally, the trend is a 4 percent increase in that same time period, so that's a huge increase,” Abbey said.
Abbey said more inventory could mean better prices for buyers.
“For the first time in the last couple of years, you're going to have a much more fair shot of getting things at a reasonable price instead of fighting with five, 10 people in these bidding wars,” she said.
But Abbey said it’s not all bad news for sellers. The median price for a single-family home still rose to $396,000 in June, according to the report. And the extra inventory could make it easier for a seller to find a new place to live.
“The sellers can't name their own price,” Abbey said. “They're going to have to be a little bit more fair on the inspection. But it's going to be a little bit easier for them to find a house at a reasonable price in a reasonable time frame.”
Key findings from the report:
- Since 2005, Denver has seen an average increase in listings of 4.2 percent from May to June. This year, listings on the market increased 24.4 percent.
- Month over month, for the entire residential market, 7,615 new listings came on the market (up 12.17 percent), 5,587 homes were placed under contract (down 4.61 percent), and 5,324 homes sold and closed (up 2.94 percent). June ended with 6,796 active listings.
- Average and median home prices edged up again from the previous month with appreciation gains of 2.77 percent to $421,266 and 1.39 percent to $365,000.
- Days on the market closed the month at 26, compared to 31 the previous month.