Denver's housing market last month can be summed up thusly: There were a small number of homes for sale, and homes sold very quickly.
Denver's housing market mirrors a national trend: According to Colorado-based real estate company Re/Max Holdings Inc., there is "ever-tightening inventory coupled with increased prices" across the country.
The shortage of homes for sale is clearly evident in Denver: There was only a one-month supply of homes for sale Denver last month, and Re/Max said that six months is considered a normal market, "balanced equally between buyers and sellers." Denver trails only Seattle, at 0.9 months, for the U.S. market with the lowest months supply of inventory.
And Denver homes don't stay on the market for very long: The average days on market for homes sold in Denver last month was 25. Only San Francisco homes sold more quickly, at 22 days. Nationally, the average days on the market for homes sold was 57.
"Inventory is tighter than ever, while strong demand keeps driving up home prices. At the same time, many potential sellers may also be reluctant to list their homes because the tight inventory might impact them as buyers," said Dave Liniger, Re/Max CEO, in a statement.
In late March, another real estate company described the Denver market as homes "flying off the shelves," selling at "lightning fast" speeds.