Denver Market Update October 2009
November 12, 2009 by Bob Schenkenberger · Leave a Comment
October 2009
| Category | Oct-08 | Sep-09 | Oct-09 | % Change |
|---|---|---|---|---|
| # of Closed Sales - Month | 3386 | 3112 | 3052 | -9.9% |
| # of Closed Sales - YTD | 33048 | 24983 | 28035 | -15.2% |
| Avg. Days on Market | 93 | 93 | 92 | -1.1% |
| # of Active Listings | 17842 | 14987 | 14376 | -19.4% |
| # of New Listings | 7212 | 6629 | 6408 | -11.1% |
| Absorbtion Rate (months) | 5.5 | 4.9 | 4.9 | -9.8% |
| Average Price (Closed) | $250,172 | $266,013 | $261,771 | 4.6% |
Good news, bad news? Well let’s put it this way. Denver home sales dropped a whopping $1 Billion for the year compared with the first 10 months of 2008. As a matter of fact, the $8.58 billion in closed sales, year to date, is the lowest since 1999. And you need to go back to 1997 to find fewer closing than we’ve had this year.
On the flip side, inventory continues to dwindle, average prices are moving up, and the absorption rate is moving into seller market territory.
The true answer to this market lies in the price point you are interested in. Sub $250k properties are not only moving, but are moving quickly with a lot of competition. $250k-$500k are doing alright, but more time is needed for improvement. Hopefully, the expansion of the home buyer credit will help stimulate this segment. Above $500k you are going to get a deal! There is a lot of inventory, and some great values out there.
If you have any questions or would like further intel, please leave a comment below, or feel free to send us a message!
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.)