The number of Active Listings for both attached and detached homes, in the Denver area's seven metro counties for the month of December, 2014 plummeted to a record low of 3,778. That figure represents less than a 30 day supply and a drop of 17% from the just the previous month! For that seven county area, the highest inventory level was back in July of 2006, with numbers just under 32,000. During the five years since 2006, average inventory levels hovered around 20,000. Beginning in 2012, those figures were cut in half, to an average of 10,000 attached and detached homes for sale in the Denver metro area. So as you can see, we are now at a point where houses will sell at a premium price due to nothing more than the simple lack of inventory.
The statistics found on MLS, which include the greater metro area, also reflect all time inventory lows of only 5,352 which is a 27% drop from December of 2013. Prices too are continuing to rise and have increased an average of 6% throughout 2014. The average sold price for a detached home is now $360,335, while the median price is up to $318,750. For condos and townhomes, the average sales price has increased 14% from $198,079 a year ago to $225,157 today. What has gone down, is the average time a home is on the market, which was only 35 days. Throughout 2014, there were 56,407 properties sold, an increase of only 1 percent over last year. However, due to a lack of inventory, there were far fewer homes for sale. With prices up, the number of distressed properties, in the form of short sales and/or foreclosures have dropped considerably, which continues to bolster prices throughout the entire Metro area. There is no doubt, that the Denver housing market has fully recovered from the depressed levels of 2006.