Monthly e-News November, 2010

November eNews Header ImageKentwood Real Estate – Market News – November 2010 Tom Cryer
Compliments of Tom Cryer, SCRP

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%)
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
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
*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.

Market Movers

  • Forbes ranks Colorado fourth as a Best State for Business and No. 1 for labor supply.
  • 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.
  • 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.
  • 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.
  • 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.
  • 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.
  • SkyFuel Inc., a solar-power company, is moving its corporate headquarters to Jefferson County from Albuquerque.

Town CryerMyTownCryer
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Tom Cryer Kentwood Real Estate Logo
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