April begins an upward trend in Denver home sales
Denver Metro residential homes and condominium sales rise from March 2011 to April 2011, increasing 6.9 percent, according to the Denver Metrolist (www.MyMLS.com). The average sold price declined slightly, falling 0.6 percent from March 2011 to April 2011. Inventory rose 0.8 percent from March increasing to 17,847 homes and condos for sale at the end of April.
Housing isn’t strengthening as quickly as hoped, but housing is still predicted to improve. Lawrence Yun, chief economist for the National Association of Realtors commented on the current trends, “Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger. Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations” (www.realtor.org).
Denver is out performing the nation in a few categories, check out the April housing stats for the Metro Denver area, according to the Denver Metrolist (www.MyMLS.com):
- Denver’s monthly supply was 5.2 at the end of April 2011, while the nation’s monthly supply was 9.2.
- The sales volume for residential and condominium sales in the Denver Metro area increased 6.9 percent from March 2011 to April 2011. Nationally home sales fell 0.8 percent.
- The sales volume for single-family, residential home sales in the Denver Metro area increased 8.2 percent from March 2011 to April 2011. Nationally single family home sales fell 0.5 percent.
- The sales volume for condominium sales in the Denver Metro area increased 1.6 percent from March 2011 to April 2011. Nationally condominium sales dropped 3.1 percent.
- Distressed sales accounted for 42.5 percent of sales during April 2011in the Denver Metro Area. Nationally 37 percent of sales were distressed sales.
- The average list price of residential homes and condos increased 2.6 percent to $394,200 from March 2011 to April 2011. In April 2010, the average list price was $419,717.
- Average days on market during April 2011 was 112 days – up 0.4 percent from April 2010.