Denver’s home inventory growing slowly

Denver had the second lowest inventory of unsold homes in the nation in July, according to a national report by RE/MAX.

Denver had a 1.7-month supply of unsold homes last month, according to a report released Thursday the Denver-based real estate company.

Only San Francisco, with a 1.5-month supply, had a lower supply of homes, shows the RE/MAX National Housing Report that tracks MLS data in 52 metropolitan areas across the country.

The RE/MAX analysis was consistent with an earlier one from the Denver Metro Association of Realtors, which showed 1.66 months of inventory at the end of July in the 11-county area.

A six-month supply is considered one in balance, in which supply and demand are in equilibrium, according to RE/MAX and most real estate experts.

Despite having fewer than a two month inventory of unsold homes, July was the largest inventory so far in 2014.

Indeed, in four of the seven months, the Denver metro area had less than a one-month supply, according to RE/MAX, although some brokers said that seemed too low.

In July 2013, Denver has a 1.6-month supply of unsold homes, according to RE/MAX.

As in Denver, nationally the supply is growing slowly.

“The inventory environment continues to improve,” according to the RE/MAX report.

“The inventory of homes for sale in July was just 1.1 percent lower than June and 3.5 percent lower than last July. For seven of the last eight months, year-over-year inventory reductions have been less than the previous month.”

However, Denver has a much more acute shortage of homes for sale than most markets.

Nationally, there was an average of a 4.3-month supply of homes available last month, up slightly from 4.0 months and 4.1 months in July 2013 and June, respectively.

However, inventory levels vary greatly, depending on the price range of the homes.

In the Denver area, there is less than a three-week supply of homes priced between $100,000 and $300,000, according to DMAR.

For homes priced at $2 million or more, there is a 17.1 month supply of homes, shows DMAR’s analysis.

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About thenoelteam

As a Broker with RE/MAX Alliance, I work energetically for my clients whether they are a buyer or seller. I help you achieve your goal of owning a home or getting the best price for your home in the shortest time possible. After graduating from UCLA with a degree in communications and finance, I was licensed in 1977 and since then I have sold over 3600 properties amounting to over $1 billion in sales. I currently rank in the top 10 in home sales for Colorado. I offer the same quality of service and superior communication to all clients, ranging from starter homes to multi-million dollar estates, commercial and income properties, relocations and foreclosures My goal is to provide you with the best representation possible whether you are buying or selling. Over the years, one of the things that I've discovered is that there is a difference in the way individual Realtors do business. For me, I have always felt that honesty and personal integrity are the foundations upon which a successful business and career are built and sustained. I have an extensive background and knowledge base in real estate, including financing, which has enabled me to provide outstanding, quality advice and service not found with many agents today. My commitment to communication creates a positive relationship between my client and myself that results in a successful property sale or purchase. My passion for real estate, commitment to my clients and personal integrity has helped me to achieve success placing me in the top 1% of all brokers in nationwide. In my career, I have earned a number of awards and received considerable recognition for my success but the most significant recognition comes from the fact that over 75% of my business comes from past clients. My success is a true measure of my client satisfaction.
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