Real Estate News
Homebuyers! Your home search has just expanded to more inventory. According to REColorado, Colorado’s leading multiple listing service, the number of active listings increased by 22 percent from May to June! That’s about 1,500 more homes to choose than May – this is clearly welcoming news for consumers.
REcolorado reported that there were 8,030 active listings on the market in June as opposed to the 6,565 in May. To give you an idea of how the increase is really good news for buyers, the second largest percentage gain from May to June was an 11.8 percent increase in 2013. And in case you were curious, the last time there were more than 10,000 homes on the market during the summer was in 2012, when there were 10,591 active listings on the market in June.
On a year-year basis, active listings were up 6.63 percent from 7,531 in June 2015.
A big factor in the increase of inventory in June is that quite a number of homes that went under contract earlier in the year fell through, so now they are back on the market. In fact, it could work in favor of buyers as sellers might be more flexible in price negotiation with the next buyer, so they can get their house sold.
However, the average price of a home continues to grow where it settled on $418,747 in June. That is 12 percent higher than the $373,905 average price in June 2015. It is also 2.7 percent more than the previous record of $407,662 in May.
The numbers for an average home being on the market has shortened to an average of 20 days, which is 16.7 percent faster than the 24 days on the market in June 2015.
Despite an increase in the average price and shorter days on market, homebuyers are not deterred to buy a home in Colorado.
If you have been considering buying a home, give me a call and I can help you prepare, negotiate and have your offer accepted as quickly as homes are available for sale.