Recently released Metrolist data show that the 2011 Denver housing market improved over 2010, and numbers are expected to grow even more in 2012. Over $10 billion of Denver real estate was purchased last year, and housing inventory fell to an 11-year low.
39,387 homes and condominiums were sold and closed last year, up about 1.5 percent from 2010. Real estate sales in 2010 had dropped below $10 billion in volume for the first time in over a decade, so 2011’s $10.1 billion sales volume was a welcome sign that the industry is regaining its footing.
An area that I have been continuing to watch is Denver housing inventory. With 12,531 unsold homes on the market in December, inventory dropped 33.6 percent from one year prior. Many industry analysts believe that potential sellers are waiting until they are positive that the real estate market is in better shape before listing their homes for sale.
For more details about the 2011 Denver real estate market, visit Inside Real Estate News.
These numbers are encouraging and a sign that the real estate market is heading in the right direction. As the market continues to improve, I expect more sellers to list their homes and for many buyers to begin looking at the wider selection of homes.
If you are thinking about buying or selling a home in Denver, call me at 888-860-1931 to learn more about what you can to prepare.
Image via Flickr