Denver Homes for Sale Inventory
In the never ending attempt to understand and predict the market for the benefit of our clients, the available inventory is an important statistical marker. The inventory continues to remain low in relation to immediately previous years. However, the “market” is bifurcated with regard to price range, and split into many other geographic sub-markets. The bifurcation is present because of the large number of first time buyers taking advantage of the tax credit and low interest rates, and investors buying while prices are low. In general, the Metro Denver market is very much a seller’s market for most areas priced under $300,000, and a buyer’s market for properties priced above $300,000.
While Denver homes are selling better than in recent years, condo sales are lagging behind. Historically, the condo market recovers later than the single family market, and that will remain true in this recovery as well.
Average Days to Sell and Average Prices
The average days it takes to sell a home in Denver remains low in comparison to the previous 3 years. Although home sales in the upper price ranges are slow, the prices under $300,000 are selling briskly. At least for now, the Denver real estate market is as healthy as it has been since 2007.
The average price of single family homes in the Metro Denver area continues to rise. The January low point was consistent with previous years, and early anecdotal information indicates that March prices will continue to show improving averages.
While average prices in the Denver market continue to improve, the market has a ways to go to reach the high of June 2006. The Case-Shiller report released in late February of 2010, showing comparative sales through 2009, indicates that Denver was only one of 6 cities surveyed by their index that showed a gain in property values during 2009. The index for Denver stands at 127.2, down from the high of 140 in June of 2006. Of course, for home owners that bought in January of 2000, when the index stood at its base of 100, a rise in value of 27.2 is very good indeed.