SOURCE: Metrolist

Metrolist

July 05, 2012 11:29 ET

Denver Real Estate Market Continues to Sizzle

Fast-Moving Residential Market One of the Hottest in the Nation According to Metrolist

DENVER, CO--(Marketwire - Jul 5, 2012) - The latest data from Metrolist®, the largest real estate multiple listing service (MLS) serving Colorado real estate agents, show May to be another impressive month for Denver Metro area home sales.

With a 6% increase over last month's rising numbers, total sales for single family residences in the Denver residential market are now running 20% ahead of the same period last year. According to Metrolist, the provider of REcolorado.com, average days on market (DOM) fell another 8% to 72 days, a full 32 days shorter than June 2011.

According to Kirby Slunaker, President and CEO of Metrolist, the fast-moving market is a function of rising demand and dramatically shrinking inventories.

"We're nearing inventory levels that are about 40% under last year's available units while sales continue to run well ahead of 2011 figures," says Mr. Slunaker. "In other words, product that's priced right and ready to sell is moving quickly. We expect the Denver market to really sizzle this summer."

The Metrolist report also showed prices in the Denver metro area on the rise. The average sales price for single-family homes rose to $297,597 in June, a 5% jump from May and a 12% increase from last year. Excluding condos, the average home sales price in the region was $324,497 for the month.

"With double-digit increases in prices and sales volume from last year, I have to think Denver is among the better performing markets in the U.S. today," says Mr. Slunaker. "The bottom line is we need more available inventory for homebuyers to choose from."

Metrolist launched REcolorado.com earlier this year as a way to give buyers, sellers, and brokers the ability to move quickly on the market this summer. In addition to property and open house listings, the consumer-friendly search engine incorporates a variety of tools, including a new "What's Your Home Worth?" calculator to help in the home buying and selling process.

About Metrolist
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 www.metrolist.com.

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