Denver Metro Market Update June 2009
July 13, 2009 by Bob Schenkenberger · Leave a Comment
Here is the June data for the entire Denver Metro area.
The key factors:
Inventory is much lower (-21.5%.) This is a huge positive as large inventory has been the biggest problem for our market over the past 24 months., and absorbtion rates are continuing to improve.
Absorbtion Rate is continuing to improve. This number is the time it would take to sell through the inventory at the current sales pace.
Sales are lower. Down almost 17% from last year. This is primarily due to the slowing of the higher end market. If you were to look at homes priced under $250k, this number would be substantially better. With the level of inventory we have, even the decrease in sales points to a better market. If sales were on pace with the previous year, we would see a full on Seller’s Market, and price appreciation.
June 2009
| Category | Jun-08 | Jun-09 | % Change |
|---|---|---|---|
| # of Closed Sales - Month | 3,847 | 3,328 | -13.5% |
| # of Closed Sales - YTD | 18,561 | 15,432 | -16.9% |
| Avg. Days on Market | 94 | 101 | 7.4% |
| # of Active Listings | 20,105 | 15,790 | -21.5% |
| # of New Listings | 8,830 | 7,589 | -14.1% |
| Absorbtion Rate (months) | 5.3 | 4.7 | -10.7% |
| Average Price (Closed) | $286,887 | $283,312 | -1.2% |
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.)
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