DENVER – A new report from insurance company Nationwide shows just how tight the real estate markets are in cities along the Front Range and across the western United States in general.
The report shows Seattle and Denver are tied for the lowest number of available homes for sale, at .98 months of inventory. That means that if no new homes went up for sale, every available home would be gone in less than a month.
The situation isn’t much better in Boulder or Fort Collins, which follow closely behind at 1.24 months of inventory each.
To compare, the national average is just over four months of inventory.
The numbers paint a pretty clear picture: Areas with low housing inventory are heavily concentrated in the West, particularly Washington and Colorado. The five cities with the lowest inventories are all in either Colorado or Washington.
San Francisco, with its notoriously high housing prices, barely made the top 10.
It’s worth noting that Nationwide’s report uses data from the first quarter of 2017, when Denver’s housing inventory reached a record low. The number of homes on the market is still incredibly low compared to historical averages, but the past few months have seen increases.
Overall, Nationwide says Denver’s housing market remains strong, with a low likelihood of a downturn anytime soon.
Last month, home prices in the Denver metro area hit a new high, led by a record number of homes that sold for $1 million or more.
Read the full report at blog.nationwide.com.