DENVER, CO--(Marketwire - Oct 4, 2012) - The latest data from Metrolist®, the largest real estate multiple listing service (MLS) serving Colorado real estate agents, show a continued strong real estate market in the Denver metro area.
According to the Metrolist report, a total of 3,949 homes and condos sold in September, down from the previous month but well ahead of historical trends. The monthly sales figure reflects the best September since 2008 when 4,265 units were sold.
On a year-over-year basis, September 2012 sales were up a remarkable 18% over 2011. Prices held firm, with the month's average of $282,305 mostly unchanged from August but up a solid 11% from last year. Average days on the market, an important indicator of the housing market's health, was reported to be 64 days last month, a dramatic improvement from 105 days the same period last year.
"Year-to-date results are really strong in the region, with home sales pacing 17% ahead of last year," said Kirby Slunaker, Metrolist President and CEO. "Despite the seasonal downturn, the annual figures are incredibly robust."
Inventory, meanwhile, continued to shrink. Metrolist reports a total of 10,470 residential properties for sale (8,700 residential units and 1,770 condo/townhomes) at month's end, 3% fewer than August. By larger comparison, there were 15,533 properties -- a full one-third more -- on the market this time last year.
According to Mr. Slunaker, the combination of historically low inventory and dramatically declining days on market makes metro Denver a bellwether for the national market. "This is the best environment for sellers that we've seen in a long time and may be a leading indicator for other like-sized markets around the U.S."
"With 13-year historic lows for available homes and the continued strength in sales," says Mr. Slunaker, "we're optimistic that home prices will hold stable throughout the fall and winter months."
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.
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.