DENVER (CBS4)– More houses are available for sale in the Denver metro area which has loosened up the tight housing market in some parts of Colorado.
According to a new report from the Denver Metro Association of Realtors, there’s been an explosion of homes on the real estate market with active listings up 24 percent from May to June.
That is considered good news for buyers because there are more properties to choose from and potentially less competition with offers.
The DMAR states that there are more price reductions in existing homes on the market as the number of active listings increase.
Sellers in the suburbs have started to consider contingency offers, where a potential buyer must sell his or her home before being able to purchase another one. That has also resulted in fewer back up offers, maybe one or two compared with up to six just a few months ago.
All of the trends could point to a market correction and possibly plateau in the area.
Joe Falko, of Falko Realty, said the trend is good for both buyers and sellers.
“To my buyers I’m still saying it’s a great time to be buying and more importantly it’s a great time to be locking in an interest rate. We probably won’t see these rates in our lifetime. It’s still great for sellers because Denver, especially Denver county, is one of the top counties in the U.S. to be living in. The average price in Denver is $421,000,” said Falko.
Denver County is the number one county in Colorado and seventh in the nation for people who are relocating. Rental rates in the Denver metro area continue to be in the top 20 nationwide.