 Kentwood Real Estate – Market News – November 2010 |
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| Compliments of Tom Cryer, SCRP |
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Market Analysis
Denver Area Real Estate Market Update
Home buyers in metro Denver purchased $743,894,318 million in single-family and condominium homes in October and $8.52 billion during the first ten months of 2010 compared to $945,119,608 million and $10.2 billion for the same periods in 2009. The current monthly Denver MLS sales volume was down 21.3 percent compared to October last year.
The average sales price in Denver for single-family residential was $287,048 compared to $261,771 in 2009, which equals a 9.7 percent increase year-over-year for the month of October. Unfortunately the month’s supply of homes grew to 16,473 versus 14,376 in the same month one year ago.
The active listing inventory will likely continue to increase as the banks draw upon their shadow inventory which is attributed to the growing number of short sales and foreclosures. Most recently, some banks have taken the position to withhold their inventory and subsequently not flood the market and create additional pressure on housing prices.
The following Denver area statistics are for October 2010 versus 2009 on a year-over-year and year-to-date basis for single-family residential real estate:
- 7.23 months supply of homes versus 4.71 months (+35%)
- 16,473 active listings versus 14,376 (+14.6%)
- $287,048 average sales price versus $261,771 (+9.7%)
- 2,280 closes sales-month versus 3,052 (-34%)
- $654,469,440 million closed sales volume-month versus $798,925,092 (-18.1%)
- 26,213 closed sales year-to-date versus 33,114 (-20.8%)
- $8.52 billion closed sales volume year-to-date versus $10.2 billion (-16.5%)
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| Residential Market Data |
| October 2010 |
This Month |
Prior Month |
Year Ago |
| Active |
16,473 |
17,625 |
14,376 |
| Under Contract |
2,957 |
2,936 |
3,800 |
| Sold |
2,280 |
2,321 |
3,052 |
| Average Sold Price |
$287,048 |
$290,025 |
$261,771 |
| Months Supply |
7.23 |
7.59 |
4.71 |
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| Condominium Market Data |
| October 2010 |
This Month |
Prior Month |
Year Ago |
| Active |
4,887 |
5,255 |
4,569 |
| Under Contract |
749 |
709 |
1,110 |
| Sold |
562 |
637 |
906 |
| Average Sold Price |
$159,119 |
$154,913 |
$161,451 |
| Months Supply |
8.70 |
8.25 |
5.04 |
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| *Based on information from Metrolist, Inc. for the Denver housing market for the period 10/1/10 to 10/31/10. This representation is based in whole or in part on content supplied by Metrolist, Inc. |
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Market Movers
- Forbes ranks Colorado fourth as a Best State for Business and No. 1 for labor supply.
Read more >>
- Denver Named a Real-Estate Market to Watch. Metro Denver has been named one of the country’s top markets to watch next year in the new Emerging Trends in Real Estate 2011 report.
Read more >>
- Colorado Among Top States Where Americans Want to Live. Colorado ranks No. 4 among the 50 states in a survey asking Americans where they would most like to live, up from fifth place last year.
Read more >>
- Denver’s LoDo Named One of 10 Great Neighborhoods in U.S. Lower Downtown Denver has been named one of the 10 Great Neighborhoods for 2010 by the American Planning Association, the group said October 13th.
Read more >>
- Mortgages Hit Lowest Levels Since 1950s: Thirty-year fixed mortgages slipped to 4.27 percent this week, the lowest on records dating back to 1971, from 4.32 percent the week of October 6th.
Read more >>
- Massive Housing Development Proposed Near Highlands Ranch. DOUGLAS COUNTY – It’s a nearly $4.3 billion community that would create countless jobs, a new school and an impressive commercial development.
Read more >>
- SkyFuel Inc., a solar-power company, is moving its corporate headquarters to Jefferson County from Albuquerque.
Read more >>
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If your home is currently listed, please disregard this notice as it is not our intention to solicit other brokers listings. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Kentwood Real Estate shall be responsible for any wrong information.
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