DENVER, CO--(Marketwire - Sep 6, 2012) - The latest data from Metrolist®, the largest real estate multiple listing service (MLS) serving Colorado real estate agents, show strong Denver Metro area home sales throughout August.
In what is normally a slow period for real estate, 4,685 homes and condos sold in the Denver residential market last month, a 1% jump from July. More impressively, August 2012 sales were up a whopping 18% over the same period last year. Similarly, this month's average price of $285,692 was mostly unchanged on a month-over-month basis, but a full 10% higher than August 2011.
Of particular note, inventory of residential properties for sale remained steady in August at 10,826. By comparison, there were 16,631 homes for sale in August 2011, and only 3,973 sold for the month. Properties averaged 99 days on the market last year, compared to only 64 last month.
"Everything we're seeing points to a steady recovery in the Denver housing market," says Kirby Slunaker, President and CEO of Metrolist. "The combination of limited supply and strong demand indicates a durable recovery is underway."
Beyond a slight seasonal dip in July, home sales in the Denver metro area have posted monthly annual increases since February.
"Based on what we're seeing at the national level, our housing market is among the more healthy markets," says Mr. Slunaker. "As we go into the fall season, we expect to end the year strong."
Metrolist launched REcolorado.com earlier this year as a way to give buyers, sellers, and brokers the ability to move quickly on the market this summer. In addition to property and open house listings, the consumer-friendly search engine incorporates a variety of tools, including a new "What's Your Home Worth?" calculator to help in the home buying and selling process.
Metrolist is the largest MLS in the state of Colorado, supporting the largest network of Realtors® with the most comprehensive database of real property listings throughout the Front Range. Realtor-owned since 1984, Metrolist provides leading technology solutions to real estate agents and brokers to better serve buyers and sellers. More information about Metrolist is available at www.metrolist.com.