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Despite a drop in new listings, home sales in Colorado continued to trend upward, the ""Colorado Association of Realtors"":http://coloradorealtors.com/ (CAR) reported.
[IMAGE]Home sales, which include single-family residents, condos, and town homes, jumped 16 percent to 18,343 in the first quarter of this year compared to the same quarter a year ago. The median sales price in the Centennial State also improved and rose 15 percent to $225,000 over a one-year period.
Though, new listings fell by more than 7 percent across the state, mainly due to decreases in the Denver metro area and the Mountain region, CAR data revealed. As listings dropped, so did days on the market, which averaged 90 days on the market, down 22 percent.
[COLUMN_BREAK]Active listings statewide totaled 30,114, representing a 4.1-month inventory supply.
""These figures are quite similar to what we reported last quarter and demonstrate consistent patterns that speak to a steadily recovering market in Colorado,"" said CAR spokesperson, Michael Welk. ""We are seeing more sales, increasing median pricing and fewer days on the market consistently over the last three quarters compared to previous years. In many areas of the state sellers are receiving as much as 98 percent of asking price on average and seeing their homes sell very quickly.""
Sales of banked-owned properties were down in all areas of the state, ranging from a 3 percent decrease in the Southeast to 44 percent in the Northwest.
Overall, such sales represented about 22 percent of all transactions in the first quarter 2013. The median sales price for lender-mediated properties increased 10 percent statewide compare to the same period in 2012.
CAR's newly introduced Housing Affordability Index saw a 7 percent decrease to 163.
An index of 120 indicates the median household income in that area was 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates, the association explained.
