Metro Denver Real Estate Stats – April 2008
May 12, 2008 by Bob Schenkenberger · Leave a Comment
Here are some recently compiled market stats for April 2008. My market area is the South Metro Denver cities, including Denver, Centennial, Greenwood Village, Cherry Hills Village, Englewood, Aurora, Littleton, and Highlands Ranch.
Big Picture (Covering the Entire Metro Denver Area) The figures are for single family residential properties only, and do NOT include Condos, Land or Commercial data.
Total Closings for the Month: 3,353, Down 3.4% from 2007, Up 12% from previous month.
Average Days on Market: 103, Down 4.6% from 2007, Down 5.5% from previous month.
Active Listings: 20,477, Down 2.1% from 2007, Up 3% from previous month.
Average Sold Price: $267,259, Down 17.1% from 2007, Down 2.7% from previous month.
Absorbtion Rate: 5.8 Months, Down 10.8% from previous month.
South Suburban Central & South Suburban East MLS Market Areas (This data covers the majority of Greenwood Village, Cherry Hills Village, Englewood, Littleton, Centennial, south Aurora, and un-incorporated Arapahoe County.)
Total Closings for the Month: 211, Down 12% from 2007, Up 40% from previous month.
Average Days on Market: 109, Up 3.2% from 2007, Up 12% from previous month.
Active Listings: 1313, Up 5.2% from 2007, Up 23% from previous month.
Average Sold Price: $443,160, Down 15.1% from 2007, Up 6.5% from previous month.
Absorbtion Rate: 6.7 months, Down 5.2% from previous month.
The biggest take away from this data is the fact that the marketplace is absorbing properties quicker and quicker. The 6 month absorbtion rate is historically the line in the sand between buyer’s and seller’s markets. Anything less than 6 Months, is perceived to be a Seller’s market and anything greater than 6 Months favors the Buyer’s. Prices continue to be down year over year, but that was expected as we have all lived through this market decline.
All in all it is pretty much what I expected, and it continues to indicate the market conditions are improving.
Click Here to download the full report in .pdf format. April 2008 Market Stats
Bob has been an active REALTOR for 18 years. During this time, he has closed over 500 transactions, and has been the broker of record for 1000's more. Bob can be reached via email (bob@gethomedenver.com) or phone (303.770.1180.)