Leading Denver Real Estate Agent Sees Market Improvement
Greenwood Village, CO (PRWeb) December 13, 2006 -- Larry Hotz, a 28-year Denver real estate veteran, has released information showing the local market may be poised for recovery. The number of residential listings for resale homes in the Denver metro area dropped dramatically for the second consecutive month even while sales slipped slightly.
The number of homes and condominiums on the market in the metropolitan area dropped to 27,530 in November from 31,450 homes for sale just two months earlier. That is a reduction of 7.38% from October. The number of October listings had previously dropped 5.5% from September.
"This is a very good sign for the Denver market," according to Larry Hotz's web site at http://www.larryhotz.com. Hotz is a 28-year Denver real estate broker with The Kentwood Company. "The market here has been soft due mainly to an increase in the number of homes on the market. A reduction of inventory over the last 2 months indicates this market may be at or near the bottom in this cycle. The reduction in the number of homes on the market is beginning to be noticed by buyers."
Still, sales of existing homes were down by 3.78% from the year ago period. All figures included both detached homes and condominiums. Sales declined less for single-family homes than condominiums.
Residential home sales have been the focus for the local real estate industry which has been concerned that a real estate "bubble" might be bursting. While sales have slowed somewhat over the last year, increases in the number of listings have far outpaced decreases in sales. The number of listings on the market has risen by 7063 from January to September. That increase has now been been reduced by more than 50%.
"Single family, detached homes always lead the market in any recovery," according to Hotz. "In particular, inventories of listings can decrease before sales increase. Recently, I've even noticed an increase in sales activity in early December. Multiple offers on listings are just beginning to show up. I've had two multiple offer situations in the last week. If this trend continues for the next month or two, our real estate market could be blossoming this Spring."
"There have been tremendous incentives over the last three months for buyers of brand new homes," Hotz added. "Now, even those inventories have decreased significantly. One project I visited this weekend in Highlands Ranch had sold over half of its completed homes in just the last three weeks. New home inventories are declining along with the number of resale listings on the market. The amount of the incentives has also been cut. In some cases builders are offering only half of the incentives they offered a month ago."
Hotz has been an award-winning Denver real estate agent since 1978. His web site at www.larryhotz.com has been an authority since 1997. He has been a Managing Broker for a major Denver firm and Senior Faculty Member of the Colorado Association of Realtors. He reported these figures based on statistics released by "Metrolist", the local multiple listing service.
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