We have been reading a lot about the local real estate market and how “hot” it’s become. What does this mean to you? Most statistics in the news are a macro look at the marketplace, but statistics are more meaningful when you look closely. We look at months of inventory in 8 MLS areas by price range and take a ratio of active listings to homes sold during the quarter to determine supply and demand. When months of inventory are one to four months, it is considered a “seller’s” market, and an appreciating one. The average DOM (Days on Market) for the entire Metro area is down 35% and this correlates to the market in all price ranges moving faster. Looking at month’s of inventory is a forecasting method: how long it will take to sell the active listings given the 3-month trend of sales. Here’s what’s happening in your area – click on an MLS area below and read which neighborhoods it encompasses. Months of inventory (supply and demand) are listed by price range.
- In DHL, Douglas County, Highlands Ranch and Lone Tree, residential homes priced up to $599,000 have an inventory of less than 6 weeks. In lower price ranges, supply is even lower.
- In DNE, Denver Northeast (City Park, Stapleton and other neighborhoods) the supply of residential homes up to $699,000 is under 4 months.
- In DNW, Denver Northwest (Highlands, Sunnyside and others) the supply of residential homes up to $899,000 is under 4 months.
- In DSE, Denver Southeast we look at the residential and condominium markets. The appreciating market was seen in condos selling up to $499,000 and residential homes up to $799,000.
- The downtown condominium market (DTD) also is experiencing an appreciating market with an under 4-month supply of condos priced up to $499,000.
- In South Suburban Central (SSC), which encompasses a large area including the Englewood, Littleton and Sheridan and parts of the cities of Centennial and Greenwood Village, homes priced up to $799,000 have an inventory of less than 3 months!
- In South Suburban East (SSE), the area that includes all of the Cherry Creek School District, the inventory of homes in under 4 months is priced up to $699,000.