The number of homes available for sale keeps falling lower and lower, despite new construction.
This time, it’s Colorado Association of Realtors with the eye-popping statistic: The Denver metro area has 50 percent fewer active listings than one year ago.
We’ve mentioned the low number of homes before, so let’s talk about the new construction for a second.
Builders started more homes last quarter than in any of the past eight years, according to Metrostudy. During that time, 2,464 homes were completed. Most of them, 68 percent, cost over $400,000 though.
By contrast, the Colorado Association of Realtors found that 767 single-family and condos sold just in February. In the same month, there were 1,121 new single-family and condo listed.
Altogether, that means just over one-month of inventory for single-family homes and less than one month supply for condos. In other words, it would take about a month to sell all the available homes for sale currently, given current levels of home sales.
Denver realtor Karen Levine put it one more way:
“Properties are being swooped off the market as fast as they come on, so overall inventory remains low in the metro area and state as a whole,” she said in CAR’s report.