May was another excellent month for the Denver real estate market. Independent real estate expert Gary Bauer reports that contracts are up and inventory is down, both valid indicators of a market on the rebound:
Firstly, the overall number of homes for sale in Denver decreased to a slim three month supply which is a significant drop from the six month supply present in May, 2011. This shift in supply and demand has made an impact on the market. Homes are on the market for far fewer days and sellers are receiving offers very close to the original asking price. Some agents even report that bidding wars are back.
Also, there were 5,908 homes under contract in May, 2012. This number represents a staggering 23.7% increase from May, 2011. This number reflects the overall increase in demand and the benefit it provides to sellers. The market has slowly turned back to benefiting the seller as the inventory decreases and the number of contracts increases.
There’s no better time for sellers to list homes for sale in Denver. You’ll experience the return of the market and will be able to benefit from the uptick.
So what are you waiting for? There’s no time like the present to make an investment as a first time homebuyer. Call Preferred Properties today and they’ll help you finding the right homes for sale in Denver.
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