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Denver’s supply of unsold homes plummet

Colorado’s Association of Realtors report last week shows that Denver area continues to have a low supply of unsold homes whereas prices continues to soar. Denver property managers say that house hunters are getting more and more frustrated as time goes by.
Last month, the report shows that there was only a 5.6 week supply of unsold condos, townhouses and single family homes available on the market.
The market for townhouses and condo is more limited. Last April, there was only a 3.9 week supply of unsold attached homes. One year earlier, the supply was 30.8% higher; there was a 5.6 week supply of townhomes and condos.
The average price for all homes sold has almost reached $400,000. The average price for all homes sold last April 2015 was $361,436, 8.8% lesser compared to the current average. The average price of attached homes increased by 17.1% from $240,000 from $205,000 last April 2015.
The continually increasing prices of unsold homes have left even veteran realtors wary. Veteran realtor Karen Levine shared her experience regarding a Littleton house was listed at $395,000. The property was viewed 16 times but there was only one offer. Her theory is that people who viewed the listing believe that the house was not worth the price tag. It’s a hard reality to accept that homes can be overpriced but cannot be underpriced because the market dictates the value. Some frustrated house hunters are fed up of losing the bidding wars end up giving a bigger offer for a house they really did not want an end up with a bad case of buyer’s remorse later on.