Metro Denver housing inventory continues to tighten

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Andy Dean via Thinkstock

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Molly Armbrister

Reporter- Denver Business Journal

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The number of homes on the market in metro Denver continued its slide in November, according to the latest data from Metrolist.

Active listings dropped by 27 percent to 6,566 in November from 9,043 a year earlier. At the same time, the number of sold listings increased by 1 percent to 3,820 from 3,784 year-over-year.

Time on market also dropped by 26 percent, to 37 days on market from an average 50 days on market last November, indicating sustained buyer interest and competition in the market, even though residential real estate sales slowed down during the fall months. That was indicated by a 17 percent drop in the number of homes sold month-over-month.

Continued demand kept prices high, with the average sold price in the metro area increasing by 9 percent to $329,306 from $301,565 this time last year.

"Tight inventories that have been seen in the Denver area housing market for some time now showed no signs of easing in November," said Kirby Slunaker, president and CEO of Metrolist, the multiple-listing service for metro Denver.

"This slowing in monthly home sales is likely due to market seasonality. Even with the month-over-month inventory declines, demand remains steady, which continues to drive sales," Slunaker said.

Time on market increased by 9 percent between October and November, according to Metrolist's data, but days on market still remained low at 37.

Molly Armbrister covers real estate, retail and construction for the Denver Business Journal and writes for the "Real Deals" blog. Phone: 303-803-9232.

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