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The number of unsold homes in the Denver area continues to decline. In October there were 23,120 homes on the market, a 20.1% drop from 2007!  Inventory hasn’t been this low since January 2005, when there was slightly less than 21,000 homes available.

One of the primary reasons for the lessening inventory is the fact that would be home sellers, are not putting their homes on the market given the current conditions.  Many sellers we work with are choosing to be landlords, or just sit tight until the competition from bank owned properties subsides.  Unfortunately, they may have to wait a while.  I predict the REO properties will continue to dominate our landscape for the next 6-9 months.

Another reason for the smaller inventory numbers is that we’ve seen investor money start to pour in.  There has been 3 occassions in the past month where Get Home Denver Team clients, have lost buying opportunities due to bids on properties we identified.  These multiple offer scenarios are a good sign that this market is on the rebound!

There are some really good deals out there, and investors are starting to gobble them up!  We scour the market on a daily basis, and present these deals to our clients.  If you would like to be included on these deals, simply contact us and I’ll make sure you are receiving this info!

The latest Case-Shiller real estate market report shows Denver faring better than most other parts of the country.

With all of the economic uncertainty across the country about the real estate market, Denver, Dallas, Detroit, Boston, and Atlanta are appearing to have turned the corner.

Note:  Take one month stats and annualize them to get a picture as to the direction of the market.  For example Denver was up 1.01% for the month which equates to a 12.1% annual gain.  Which is obviously MUCH better than the previous year of -4.7%.  Now compare to Vegas at -4.36% or an annualized 52.32% loss! This would indicate they are still going down, while we have started to recover.

.                                           Jun 08-Jul 08                   Jul 07-Jul 08

Minneapolis                              1.93                           -13.10%
Denver                             1.01                     -4.70%
Dallas                                       0.78                           -2.50%
Detroit                                      0.53                           -16.70%
Boston                                      0.27                            -5.40%
Atlanta                                     0.15                            -8.20%
Tampa                                    -0.04                            -19.40%
Cleveland                               -0.32                            -7.80%
Charlotte                                -0.44                           -1.80%
Chicago                                 -0.53                            -10.00%
Portland                                 -0.82                            -6.60%
New York                               -1.47                            -7.40%
Seattle                                   -1.77                            -8.20%
Washington DC                     -2.11                             -15.80%
San Francisco                        -2.95                             -24.80%
Miami                                    -3.03                             -28.20%
San Diego                              -3.17                             -25.00%
Los Angeles                           -3.19                            -26.20%
Phoenix                                 -4.1                              -29.30%
Las Vegas                             -4.36                             -29.90%

20 City Average                    -1.46                             -16.30%

With all the turmoil in the financial and real estate markets, I am constantly striving to provide up to date information and data on what is REALLY going on in the Denver Market.

I’ve found a couple of sources of live, dynamic information that I will provide to you.  I have a new “Market Research” tab on the Top navigation bar.  Click here to see charts that are automatically updated with the latest data available.

Real Estate is local, and without local facts and figures it is easy to get the wrong view of the market place.  Therefore, take a look and make up your own mind.

If you have questions on how to interpret any of the data, please contact me and I’d be happy to explain what all the metrics represent.

The number of homes on the market, in the Denver, area plunged by 20 percent in August from a year earlier, the largest percentage drop in five years.

According to data from Metrolist, there were 24,648 unsold homes on the market last month, compared with 30,827 in August 2007.

This is very good news and reflects what we’ve been seeing also.  Home choices are not what they were 6 months ago.  However, there are still many options for those looking to buy right now.

Year to Year pricing is way down for August.  Both the median and average prices of single-family homes sold last month showed double-digit percentage drops.

The average price of a single-family home was $284,531, down nearly 14 percent from $329,783 in August 2007.  And the median price of a single-family home was $225,000, down nearly 13 percent from $257,500 in August 2007.

This data is skewed slightly as it takes the entire Denver Metro area into consideration.  There are many parts of town where both average and median prices have actually gone up in the past year.  Additionally, from June to August of this year, prices have been on the rise.

This is another indicator that the market is at, or near bottom.  Contact us if you have any questions, or would like further information.

I wanted to let everyone know of an exciting new feature on this site!  On the Top Right of the “HOME” page, you now see a Market Profile section.  This section shows you a graphical display of the Median Price of Homes in the Denver Metro Area.

It’s alway helpful to know where you have been, and where you may be headed.  It is especially useful when trying to predict trends.

By clicking on the graphic, you will be able to see other trending statistics such as:

• Market Conditions
• Days on Market
• Price per Square Foot
• Number of Homes on the Market

Here is what is looks like!

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

More news today on some HOT markets in the Denver area.

As reported in the Rocky Mountain News, certain Zip Codes are doing extremely well! Over the past year, the median price in the Denver Metro Area has fallen. But certain areas are going UP. The top 5 areas are:

1. Centennial, Cherry Hills Village, Greenwood Village 80121 UP 26%

2. Denver 80212 UP 18.5%

3. Golden 80403 UP 15.4%

4. Denver 80215 UP 14.6%

5. Greenwood Village, Englewood 80111 UP 13.2%

The median price for single family homes in the Denver Metro area dropped from $224,900 in March to $222,550 in April.  This one percent drop could be a positive sign for the market.

The almost negligible drop may be a sign of recovery.  Activity is up and prices seem to be stabilizing.  I’ll keep you posted when the full analysis is ready to go.

Today from the Rocky Mountain News

Denver home prices fell 5.5 percent over the 12-month period that ended in February, which is less than half the 12.7 percent drop from 20 cities in the much-watched S&P/Case-Shiller National U.S. Home Price Index. View article…

Once again, as we’ve commented here many times, we may not be the ugliest kid at the party!

Men dressed as pigs frolicked outside the annual meeting of Richmond American Homes in Denver this morning, drawing attention to the role they say corporate home builders played in creating the mortgage and foreclosure crises. View article…

This one cracks me up! Let’s dress up as pigs, and frolick outside a builder’s place of business! This will teach them to sell homes to people who don’t take any personal responsibility for their finances.

The number of U.S. homes heading toward foreclosure more than doubled in the first quarter from a year earlier. View article…

I think this means the flood waters of foreclosure are cresting. Now let’s start getting back to figuring out who is going to scoop up these great deals!

What are your thoughts on these articles?

Here are some recently compiled market stats for March 2008. My market area is the South Metro Denver cities, including Denver, Centennial, Greenwood Village, Cherry Hills Village, Englewood, 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: 2951, Down 11% from 2007, Up 21% from previous month.

Average Days on Market: 109, Down 6.8% from 2007, Down 2% from previous month.

Active Listings: 19,509, No Change from 2007, Up 2.3% from previous month.

Average Sold Price: $274,693, Down 9.1% from 2007, Down 1.5% from previous month.

Absorbtion Rate: 6.5 Months, Down 2% from previous month.

South Suburban Central & South Suburban East MLS Market Areas (This data includes condos, and covers the majority of Greenwood Village, Cherry Hills Village, Englewood, Littleton, Centennial, south Aurora, and un-incorporated Arapahoe County.)

Total Closings for the Month: 126, Down 14.3% from 2007, Down 24.5% from previous month.

Average Days on Market: 93, Down 31.1% from 2007, Down 14.7% from previous month.

Active Listings: 1008, Up 10.6% from 2007, Down 19.7% from previous month.

Average Sold Price: $414,188, Down 14.2% from 2007, Up 3.5% from previous month.

Absorbtion Rate: 7.6 months, Up 32.1% from 2007

The conclusion is, no conclusion! We are receiving mixed messages with this data. Prices are down year to year, but up from last month. Days on the market are down, but absorbtion rates are higher. Properties are still being sold, and in the South Metro Denver area, they are selling quicker, than last year!

My opinion is we won’t know much more about the market until we’ve hit our summer stride. At that point, the numbers should start giving us an indication on where we are headed!

Click Here to download the full report in .pdf format. March MLS Stats