Metro Denver SINGLE FAMILY
The big news is the absorption rate at 2.2 months is down 51.5% ! The number of transactions closed year to date is up 15.7% over the same period last year. Average Days on Market at 78 days, is down 27.8% from 108 last year and the number of active listings is down 37.6% at 8705 listings.
One interesting note: the number of new listings is up 9.8% to 5,379 YTD. This is the first increase the market has shown for new listings since December, 2010. This could actually be a healthy change as long as the closed transactions and absorption continue with current trends and may be an indication that “regular” sellers are coming back into the market. We will continue to watch this statistic closely in the coming months.
Metro Denver MULTI FAMILY
Here too, the big news is the absorption rate is down a whopping 61.1% at 2.2 months. Closed transactions are up 11.7% year-to-date. Average Days-on-Market are down to 81, a decrease of 28.3% over the last year. There are 1886 active listings, down 52% and 1156 new listings, down 8.1%.
No doubt, we are experiencing a seller’s market and while there continue to be great values, the days of great deals for buyers are behind us for now. Properties can still be purchased for less than replacement cost, but we are beginning to see values increase in many sub markets and the best properties often have competing offers soon after coming on the market.