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Supply of homes for sale dried up in November across metro Denver – Denver, Colorado

Denver, Colorado 2021-12-04 08:00:31 –

Snow wasn’t the only thing missing in November in Metrodenver. The home list has been exhausted and inventory of available properties has dropped by a third from October. According to a monthly update from the Denver Metro Real Estate Association, the shortage is so severe that single-family home prices reached record highs this summer.

The number of detached houses at the end of November was 1,444, down 38.4% from October and 17.7% from the same month of the previous year. Supply of condominiums and town homes decreased by 21.6% month-on-month and decreased by 51.6% year-on-year to 804. According to DMAR, sellers’ inventories typically fell by 11.4% between October and November, and last month’s decline was one of the record books.

Inventories in November were also at record lows this month, according to the report. If inventory drops by 25% from November in December, Metro Denver could end the year with just 1,686 active properties, said Andrew Abrams, chairman of the DMAR Market Trends Commission, who compiled the monthly report. increase.

“This is significantly lower than at the end of 2020 and could be the most competitive year to date,” he said in a comment included in the report, saying that 2021 home sales are in the past. He added that he is on track to exceed annual sales for five years. Year.

Inventory shortages were due to a nearly 30% decrease in new listings compared to October, but last month’s new listings were on par with November 2020. Closing decreased 10.4% from October, which seems to be related to a shortage of homes to buy. Half of the new listings signed a deal within five days of being on the market.

Supply of homes for sale dried up in November across metro Denver Source link Supply of homes for sale dried up in November across metro Denver

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