Hold on to your hats Sellers! I've been searching the September statistics for a glimmer of hope in the Denver Housing Market and here it is - the shoe has finally dropped. Why is that good news? Because the anticipation of a correction usually impacts the housing economy more than the reality. Home sales, under contracts, average price and median price are all down significantly from August 2007 as well as September 2007. We went from a 6.15 month supply in August to an 8.11 month supply in September. Average price dropped 6.7% from August to September. I am not expecting this trend of deep correction to continue, but I'm expecting the market to remain soft for sellers until next spring, which is great news if you are a Buyer. Because Denver led the country in a soft market, I am expecting the Denver market to lead the nation in recovery. As the lending industry scrambles to create new products to replace sub-prime products, credit-weak Buyers will have challenges qualifying. I see this as a healthier scenario for our national economy - for credit seeking buyers to be more aware and cautious when it comes to additional credit burden. Buyers that are strong will have no problem getting a loan at continued record low rates. What will October bring? I'll let you know in my next Market Update. The chart below shows the Average Sales Price for the Denver Metro area as compared to last year and last month.
| 7-Sep | Prior Month | Year Ago | |
| % | % | ||
| Single Family (Res + Cond) | |||
| Active | 30,335 | -1.6 | -3.55 |
| Under Contract | 4,329 | -18.7 | -8.67 |
| Sold | 3,737 | -25.41 | -9.03 |
| Avg DOM | 101 | 7.53 | -0.68 |
| Avg Sold Price | $278,615 | -6.65 | -1.6 |
| Residential | |||
| Active | 23,027 | -0.87 | -0.75 |
| Under Contract | 3,453 | -17.49 | -7.35 |
| Sold | 2,928 | -25.74 | -8.79 |
| Avg DOM | 100 | 8.7 | 5.26 |
| Avg Sold Price | $305,459 | -7.38 | -1.11 |
| Condominium | |||
| Active | 7,308 | -3.82 | -11.4 |
| Under Contract | 876 | -23.16 | -13.52 |
| Sold | 809 | -24.18 | -9.91 |
| Avg DOM | 105 | 2.94 | -16.67 |
| Avg Sold Price | $181,458 | -0.7 | -5 |
Marianne Bandy
The Bandy Home Team
Castle Rock Colorado Homes & Real Estate
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Your information and experience is reflected here in Bakersfield California as well. Buy low sell high has been a mantra and for those who didn't impoverish themselves during the boom and find themselves presently trapped this is the time to move.