A significant factor will be starting the year with roughly half the active listings when compared to this time last year. However, the reduction of inventory is beginning to establish a better real estate environment by eliminating distressed properties - an encouraging sign as we move into 2013.
"While bank owned properties continue to be a major factor in terms of pulling down values and sale prices, strong demand has increased the average bank property by almost 5%. In 2012, there were 21% fewer bank owned properties for sale, largely due to a higher percentage of successful short sales," says Larry Simpson, Broker Associate at Fuller Sotheby's.
The latest data from Metrolist shows buyer demand and historically low inventory levels continued to increase average and median sales prices across the metro area, as home values rose by 9% in 2012.
Other notable trends throughout the Denver Metro include a 27% drop in number of days on market compared to 2011, with overall sold listings up 17% in 2012. Housing economists agree that real estate markets across the country are finally showing signs of stabilization.
"Denver continues to be one of the top housing markets," says Steve Blank, Managing Broker at Fuller Sotheby's International Realty. "Metrolist reported that Denver sold 3,400 homes in December; 8% higher than December 2011. They also reported a 30% drop in inventory from December 2011, placing pressures on prices to head north, while creating competition for available homes.
Denver in general has appreciated anywhere from 4%-15%, depending on area, price range, and inventory levels."
But even in an area the size of metro Denver, market trends can vary dramatically from neighborhood to neighborhood and that's why it's important to have as much market specific data as possible. Fuller Sotheby's International Realty compiles quarterly and year-end reports of micro-market statistics. Visit www.ColoradoMicroReports.com for more information
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