Metrolist released Denver’s October real estate statistics, and as mentioned in previous posts – inventory is down. In fact for the greater Denver metro area, it’s down 33% compared to October 2010. At the same time closed transactions are up 12%.
Our central Denver real estate analysis that includes neighborhoods such as Cherry Creek, Wash Park, Hilltop, and Platt Park shows inventory down 28%. Considering that central Denver has a median price that is almost twice that of the greater metro area, shows that lower priced homes are in shorter supply than more expensive homes. Home under $300,000 in Denver will start to see increasing prices if they are not already.
Pending is a new field that Metrolist recently added, so the increase of 233.6% is a result of poor data capture in the past.