House inventory drops while sales jump!

House inventory drops while sales jump!

Homes on market in metro Denver dropped in October as sales jumped

By Margaret Jackson
The Denver Post
Updated: 11/03/2011 01:12:16 AM MDT

(Hyoung Chang, The Denver Post)

The number of homes on the market plunged 27.7 percent in October compared with the same month a year ago, according to data released Wednesday.

There were 15,794 homes on the market last month, compared with 21,851 in October last year, according to an analysis of Metrolist data by real estate consultant Gary Bauer.

That's sparking concern that the number of transactions will drop sharply in November, December and January.

"The active-listing inventory is a new low for the year," Bauer said. "Existing home owners are taking a wait-and-see attitude and may not put their homes on the market until spring. If there's no inventory out there, why are you going to look?"

Meanwhile, the number of homes sold in October jumped 12 percent compared with the same month last year, according to the report.

Last month, 3,183 homes sold, compared with 2,842 sold during October last year, the report showed.

For the year to date, the number of homes sold remained flat, with a total of 33,163 sold this year compared with 33,128 last year.

Meanwhile, the median price for a single- family home showed a 1.8 percent year-over- year decline, from $230,250 last year to $226,021 last month.

Median condo prices increased 1.2 percent to $125,000, up from $123,500 in October 2010.

Margaret Jackson: 303-954-1473 or mjackson@denverpost.com



Read more: Homes on market in metro Denver dropped in October as sales jumped - The Denver Post http://www.denverpost.com/business/ci_19252044#ixzz1cmOWZPBU
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