OK, the first half of 2011 is officially in the books. There is a lot to consider, but here is the synopsis of the Mid Year Denver Market Watch.
Average prices were mostly stable with MLS areas with increases and MLS areas with decreases. Average price studies are always a “for what it is worth” proposition, but SSE which includes the luxury homes of Greenwood Village and Cherry Hills Village have posted 2 1/2 consecutive years of average price increases.
The ratio of Listings to Sales has improved dramatically, but it is still too soon to tell if we are out of the woods or not yet. Either way, it is readily apparent that we are not replacing
our supply as quickly as we were, and this bodes well for a continuation of a more normal ratio of supply and demand with the ensuing potential of price stability and even “appreciation”!
We are seeing an increase in activity over $1M and from $750-1M, but this is still only a minimal increase. SFR market share in this price range routinely exceeded 4% of the total market. We are just now getting back to 3% of the total market.
For Condos, there continues to be a very weak market at the high end with the highest levels of inventory seen in the market place.
Foreclosure activity continues its slide to normalcy, but the fact that “short sale” transactions are interrupting many foreclosures, it is difficult to calculate the size of the distressed transaction market.
Finally, I have attached a June 2011 – Real Estate Market Statistics Update from Land Title Guarantee Company.
2011 Mid Year Denver Residential Market Watch
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