Summer heat: Denver residential real estate market stays hot

accurate article from Denver Post, good time to sell...

Scant inventory is keeping the Denver residential real estate market red hot.

Denver homes continue to sell extremely quickly and there are a lot fewer homes for sale now compared with a year ago.

According to the latest data from Re/Max Holdings Inc. (NYSE: RMAX) of Denver, the markets with the lowest months supply of inventory are San Francisco at 1.2, Salt Lake City at 1.3, and Boise and Denver, both tied with 1.4. A six-month supply of inventory indicates a balanced market between buyers and sellers, according to Re/Max.

That low supply means higher prices. According to the Colorado Realtors Association, the median home price in the Denver metro area is $440,000,

significantly more than the nationwide metro median of $258,000 reported by Re/Max.

More evidence Denver homes are moving fast: According to Re/Max, the metro areas with the lowest days on market were Seattle at 17, San Francisco at 20 and Denver at 21.

There's simply not enough homes on the market right now. According to the latest data from Zillow, Denver saw a 15 percent drop in houses for sale inventory in May, the biggest decline in the nation.

Nationally, there are 5.3 percent fewer homes for sale now than a year ago, according to Zillow.