The metro Denver housing market continued to show improvement over a year ago, while the number of homes available for sale remained down considerably.
Buyers put 5,908 homes under contract in May, representing an increase of 23.7 percent from May 2011, according to data released today by independent real estate consultant Gary Bauer said.
At the end of May 2012, there was a three-month supply of inventory available, compared to the end of May 2011, when there was a six-month inventory, said Bauer.
The statistics, said Bauer, show that “the buyers are out there looking. And we are moving into a ‘new normal’ of units available.
“We have a greater demand than the current supply” for both new and older homes, he said.
“Homes are going under contract within a week. We are seeing multiple offers including in the higher priced category, which we haven’t seen for a long, long time,” said Bauer.
Bauer’s comments were based on an analysis of data supplied by Metrolist Inc.
Bauer noted that May was the first month of the prime selling season.
Demand for homes is increasing and prices are up in every category, said Bauer.
Howard Pankratz: 303-954-1939 or hpankratz@denverpost.com or twitter@HowardPankratz.com
