It is good news that the dramatic decline in the inventory of Denver Metro detached single family homes for sale has finally subsided. Had the inventory decline continued at the same monthly pace set for the last few months, we could have experienced a drop in home sales activity. With nothing for homebuyers to select from, they would be less reluctant to put their current homes on the market for sale, thus ending in a stalemate.
The drop in inventory of detached single family homes dropped 1.5% in February 2012 from January 2012. The drop in January from December was 7.1%. For year over year at the end of February 2012, the inventory is down 39.66% as shown below.
Townhomes and condominiums are down at the end of February 2012 from a year ago by 49.46%. For townhomes and condominiums, the inventory for sale has not changed significantly over each of the last two months of this year.