Metro Denver home buyers blooming like flowers

By: Dennis Huspeni
Reporter – Denver Business Journal
Metro Denver home buyers opened their wallets and bought 30 percent more homes in March than the previous month, according to Metrolist Inc.’s March data, released Friday.
There were 3,865 homes sold last month, compared to 2,951 sold in February. But that number was down 13 percent from the 4,454 sold in March 2013.
The average sales price, meanwhile, climbed 5 percent to $310,992 from $296,370 in February and $296,169 a year ago.
“We’re seeing buyers and sellers moving early this year,” said Kirby Slunaker, president and CEO of Metrolist, Inc. “Fortunately, while the market is moving quickly, there’s an increasing inflow of new listings, which is a positive sign for buyers.”
Inventory levels were flat from February at 6,902, but that’s a 21 percent jump from the number of homes available for sale in March 2013, 5,700.
Days on the market continues to dip, down to 47 days. That’s an 8 percent drop month over month and a whopping 20 percent slide from the 59-day average logged in March 2013.
“We continue to see tight inventories—maintaining a supply of just 7 to 8 weeks—which was often a challenge for buyers and sellers last year,” Slunaker said. “We expect more listings to come on the market as we get closer to spring, but we may also see increases in average price as inventories remain tight.”
Dan Palomino, principal of the luxury division of Keller Williams Denver Tech Center, said brokers are “cutting commissions left and right to get whatever listing they can get their hands on.”
“I literally have 10 people that would sell their home right now, but they have no idea where they’re going to go,” Palomino said. “We’ve got no place to put them so they can’t put their home on the market. I can’t even get them in a rental – there’s no rentals.” Palomino said his office usually lists 10 to 20 homes every month.
“We’re projecting to list 70 homes for the whole year,” he said.
New listings did jump 38 percent to 5,938, according to Metrolist, which is only slightly higher than March 2013’s new listings at 5,845.
Metrolist, based in Greenwood Village, is the metro Denver provider of the multiple listing service (MLS), a database of residential real estate information.

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