Business Journal 8/11/14
By Molly Armbrister
The months-long shortage of homes on the market in the Denver
area eased slightly in July, the Denver
Metro Association of Realtors (DMAR) said in its latest market update.
The number of listings on the market increased by 6.5 percent to 8,297 from June to July, the August Real Estate Market Update said.
But even with the increase in available properties, competition in the market remains tight, partially because first-time homebuyers are coming back into the market across the metro area.
"Buyers should be patient and resist unnecessarily bidding prices up too high out of the gate," said Anthony Rael, chairman of the market trends committee for DMAR.
"Depending on their motivation, sellers may want to strike while the iron is still hot in order to maximize their equity position," Rael said.
Median sold prices in the area remained mostly unchanged from June, decreasing slightly, by 0.35 percent to $284,000 in July.
The increase in inventory is likely to keep prices more stable in the coming months, the report said.
"There is a feeling among DMAR membership that prices will begin to stabilize in the market as inventory gradually increases," Rael said.
"We hope to see a healthier and more balanced market for the rest of the year and in 2015," he added.