It's a "tougher market" for home buyers in Denver and nationally, with fewer homes on the market.
That's according to Colorado real estate company Re/Max Holdings Inc., which reported that for the first time since it's been keeping records, the national "Months Supply of Inventory" has reached historic lows.
A six-month supply of inventory is considered a "balanced market," according to Re/Max, but in March, that level dipped below three months nationally for the first time.
In Denver, that supply is even lower, registering only one month. Only Seattle, at 0.9 months, has a lower supply.
Nationally, homes are selling faster, with an average "Days on the Market" of 64, compared with 68 a month earlier.
In Denver, the "Days on the Market" was 32, with only Omaha, Nebraska and San Francisco having lower numbers nationally.
"We don't anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market," said Brian Fisher, Keller Williams Downtown Denver
Keller Williams records agree with those released last week by online real estate company Redfin, which indicated homes continue to sell faster in Denver than in anywhere else in the country.