DENVER, CO, Aug 02, 2012 (MARKETWIRE via COMTEX) –
The latest data from Metrolist(R), the largest real estate multiple
listing service (MLS) serving Colorado real estate agents, suggest a
gentle slide for Denver metro area home sales going into the Fall
season.
While July shows a 6% decrease in sales from last month’s impressive
numbers, year-to-date sales in the Denver residential market remain
on pace to top last year’s numbers. According to Metrolist, the
provider of REcolorado.com, average days on market (DOM) fell another
10% in July to 65 days, suggesting that buyers ought to move quickly
to secure their dream home before it’s gone.
According to Kirby Slunaker, President and CEO of Metrolist, the
slight downward shift in sales is a natural, cyclical occurrence at
this time of year. “Fall is just around the corner and we’ve hit the
typical season drop off with sales 6% under last month,” stated Mr.
Slunaker. “This drop is tracking right along with 2011 figures. In
addition, the number of homes that were under contract at the end of
July indicates that we may see another decline in units sold next
month, but this is nothing to worry about and is attributable to
seasonality.”
The Metrolist report also exhibits a slight dip in Denver metro area
home prices. The average sales price for single-family homes dipped
to $288,884 in July, lowering 3% from June. A 1% drop in total single
family properties on the market suggests that sellers are looking to
make their move. “Despite the average price decline in July, we’re
seeing overall home values increase here in Denver,” stated Jeffrey
Zinsmeister, First Option Lending Branch President. “Year to date
average sales price, $276,129, is tracking 8% higher than 2011
figures, $256,843, throughout metro Denver.”
For home buyers, the lack of inventory may mean that it will take a
little longer to find their next home. “However, one of the most
important aspects to know about today’s market, is that interest
rates remain at all-time lows, and people can afford more home now
than ever due to the rates and home values,” commented Mr.
Zinsmeister. “30 year fixed rates are in the low 3% range.”
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(R) 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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CONTACT:
Melissa Olson
Molson@metrolist.com
303-819-6153
Andra Lewis
Alewis@csg-pr.com
480-250-3447
SOURCE: Metrolist
mailto:Molson@metrolist.com
mailto:Alewis@csg-pr.com
Copyright 2012 Marketwire, Inc., All rights reserved.
Article source: http://www.marketwatch.com/story/seasonal-slowdown-for-denver-real-estate-market-2012-08-02
