Sellers' Market on the Horizon for Denver Real Estate

DENVER, CO--(Marketwire - Jun 7, 2012) - The latest data from Metrolist®, the largest real estate multiple listing service (MLS) serving Colorado real estate agents, show another monthly uptick in Denver Metro area home sales.

Unit sales for single family residences in the Denver residential market climbed to 4,625 in May, a 19% increase over the previous month. Average days on market (DOM) according to Metrolist, the provider of REcolorado.com, dropped 13% to 78 days.

The average sales price, meanwhile, jumped further in May, rising to $284,059, a 3% gain from April's average of $275,241. Excluding condos, the average home sales price in the region was $307,896 for the month.

"With sales and under-contract listings running more than 20 percent ahead of last year, the Denver market is showing a lot of promise," said Kirby Slunaker, President and CEO of Metrolist. "And in terms of the past three years, inventory is at an all-time low. I think we might have a very healthy sellers' market on the horizon."

Metrolist's May data indicated total inventory for the Denver metro area stood at 10,591 units, a number slightly ahead of last month but down significantly (41%) compared to the same period last year.

"We're hearing about reports of multiple offers on properties and we're already seeing a steep drop in days on market for single family residences," said Mr. Slunaker. "With about three months' supply of available homes and another uptick in the average sales price, we have an extremely positive outlook for this summer's housing market."

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.

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.