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More homes came up for sale last month in metro Denver, but buyers quickly snapped them up, pushing down the overall inventory of active listings.
Sellers put 3,964 new listings on the market last month, a 62 percent increase over December.
The number of homes that went under contract surged 28 percent month to month to 4,514, according to REcolorado, which runs the region’s listing service. Reflecting a timing issue, only 2,497 actually closed, a 37 percent decrease from December.
The number of active listings available dropped to 5,152 in January, a 4 percent drop from December and 26 percent below active listings in January 2014.
Homes listed in metro Denver and surrounding areas are spending an average of 39 days on the market, down from 56 days a year earlier, REcolorado said in its report. The median price of a home sold in January was $285,000, about flat with the median for December. The average price fell 3 percent in January from December to $329,141.
A worry among some real estate agents is that the lack of supply, not unlike a car running out of gas, could stall the resale market.
A homeowner worried she can’t find a home to buy after selling may just stay put. Likewise, lower interest rates are a motivation for buyers to find a home, but the low inventory will contribute to their frustration.
Kirby Slunaker, president and CEO of REcolorado, took a more positive spin. Although the housing market remains tight, things would have been even worse if sellers hadn’t come out.
“An influx of new listings gave the metro Denver housing market some momentum as the new year began,” Slunaker said in a statement. “Now is a great time for sellers who have been waiting to put their home on the market.”
Aldo Svaldi: 303-954-1410, asvaldi@denverpost.com or twitter.com/aldosvaldi