Denver?s streak for a measure that some observers equate with how fast homes are selling remains No. 1 in the nation, Realtor.Com reports today.
The median age of inventory for Denver homes in August was 39 days, the lowest of 146 metropolitan statistical areas tracked by Realtor.com. Although that was up almost 22 percent from July, it was still a fraction of the overall nation median age of 103 days, up 6.3 percent from July.
Denver tied with for the lowest median inventory in April with Oakland, and has been No. 1 every month since.
?Congratulations to Denver,? said Gary Bauer, an independent broker who conducts whose own analysis of the Denver-area housing market each month, using Metrolist data.
?This is another example showing the resiliency of the Denver market and another example that all real estate is local, and not national,? Bauer said. ?We have been tied to the national trend for a long time. I think we are now starting to break out as our own market and not being tied to the national market as much as the past few years.?
The median age of the inventory is not the same as the ?average? time on the market.
Realtor.com calculated the median age of inventory for the month by calculating the days homes were listed on the site by subtracting their listed date from the earlier of the listing date or the end of the time month-long time period. ?Then, it took the median of all of the individual days on the site. This accounts for accounts for properties that were withdrawn from an MLS and subsequently re-listed. Because median age of inventory in these reports is the days a listing is displayed on Realtor.com, it may differ from days on market calculated by the MLS where the listing is posted.
Nationally, the median age of inventory exceeded 120 days in 22 markets.? Twelve of those 22 were in Florida and six were in either North or South Carolina. Others included:
- Savannah (148 days)
- Reading (138 days)
- Santa Fe (128 days)
- Mobile (126 days)
- Philadelphia( (120 days)
- Knoxville (120 days).
Outside of Denver, California markets typically had among the lowest median age of inventory.
Inventory drying up
Realtor.com also noted that nationally, the inventory of unsold homes on the market fell by 1.9 percent in August from July, and is down 19 percent from August 2010. By contrast, Denver?s unsold home inventory of 18,164 at the end of August was down almost 5 percent from July and was down 23 percent from August 2010. It was the lowest inventory for August in at least 11 years, Bauer noted. Although it was lower in the 1990s, it is not a fair comparison to today?s numbers because the population was so much lower, he noted.
?I?m continued to be surprised by how low our inventory is,? Bauer said. ?If you look at the usual suspects, we still have a relatively high unemployment rate and the economy weighs heavy on each and every one of us.? Basically, I think what is very near and dear to everyone is the lack of consumer confidence. Consumer confidence remains very low. And, yes, mortgage rates are very affordable ? basically at historic lows ? but a lot of people cannot take advantage of them because of the stricter due diligence that requires such strict underwriting by lenders.?
Realtor.com said that, ?Lower inventories, combined with generally stable list prices, can be seen as a positive sign.? However, some markets remain fragile, particularly those with high unemployment rates and large numbers of seriously delinquent borrowers.
?While the percent of loans that are 90+ days past due or in foreclosure has declined in the past year, mortgage delinquencies have increased slightly (23 basis points) between the first and second quarters of 2011.?Unless properly managed, the ?shadow inventory? could bog down the market and trigger deterioration in both list and sold prices.?
Month Denver Median Age of Inventory U.S. Median Age of Inventory. April 44 95 May 39 92 June 30 93 July 32 97 August 39 103
Contact John Rebchook at JRCHOOK@gmail.com
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Source: http://insiderealestatenews.com/2011/09/denvers-median-inventory-age-lowest-in-u-s/
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