Denver Real Estate Market - Market Conditions As of January 2, 2008 (Current Month)
This month showed continuing improvement in the selected markets shown below, which bucks the "conventional" wisdom from much of the local media.
Last month, there were 10 Seller's Markets, 3 Neutral Markets, and 4 Buyer's Markets; THIS MONTH, there are 13 Seller's Markets, 3 Neutral Markets and 1 Buyer's Market. This was most notably influenced by a 12.7% drop in active listings, with sales levels being comparable - if not entirely even - with prior months' levels. As a result, the Denver MLS (MetroList) showed a 12.7% improvement from last month.
Although the specific cause for this was not investigated, it is logical to believe the impact of holidays and the lack of sellers' desire to be "on market" over the holidays were the primary factors contributing to this change. Nevertheless, this has a positive impact on the price of homes, due to a comparatively reduced inventory (compared to previous months and years) while maintaining the trailing 12 months' average sales volume. It is logical to project that listing activity will occur in January, without a corresponding increase in purchase volume. As a result, it is reasonable to expect that inventories will bloat in January.
It is noteworthy that many builders are halting or severely reducing their "spec" or inventory homes. This should cause an upward pressure on the prices of resale homes.
Now, local conditions may vary from those shown below, so it is important to consult a REALTOR® familiar with your market to ensure you get the best advice pertaining to your neighborhood. As always, I am at your service to help you buy or sell your home.
Kind regards,
Michael Clarkson
RE/MAX Alliance
303.403.2641
MJ@MileHighHomeHunter.com
http://www.MileHighHomeHunter.com
http://www.MileHighMLS.com
Market Trend Analysis - Denver Metro Selected Towns/Cities |
|
Based on information from Metrolist, Inc. for the period December 2, 2007 until January 2, 2008. |
Single Family Residences Between $100k and $1,000k |
Excludes Housing Not Listed in MetroList |
|
Note: Six (5.5 to 6.5) Months of Inventory Tends to Indicate Neutral Market, Over 6.5 Months a Buyer's Market, Under 5.5 Months a Seller's Market |
Locale | Active Listings | Prior 12 Months Sold | Sold per Month (Avg) | Months of Inventory (MOI) | Current Mkt State | Under Contract | Curr. Mo. Vs. Ann'l Sold per Mo. | Under Cont-ract vs. 12 Mo. Sold |
Arvada | 491 | 1,451 | 120.9 | 4.1 | Seller's Market | 109 | Buyer's Trend | -10% |
Broomfield | 266 | 812 | 67.7 | 3.9 | Seller's Market | 60 | Buyer's Trend | -11% |
Castle Rock | 639 | 1,316 | 109.7 | 5.8 | Neutral Market | 133 | Seller's Trend | 21% |
Denver | 3,681 | 7,742 | 645.2 | 5.7 | Neutral Market | 746 | Seller's Trend | 16% |
Erie | 160 | 292 | 24.3 | 6.6 | Buyer's Market | 33 | Seller's Trend | 36% |
Golden | 368 | 710 | 59.2 | 6.2 | Neutral Market | 49 | Buyer's Trend | -17% |
Highlands Ranch | 292 | 914 | 76.2 | 3.8 | Seller's Market | 68 | Buyer's Trend | -11% |
Lafayette | 72 | 210 | 17.5 | 4.1 | Seller's Market | 10 | Buyer's Trend | -43% |
Lakewood | 496 | 1,404 | 117.0 | 4.2 | Seller's Market | 115 | Buyer's Trend | -2% |
Littleton | 728 | 3,029 | 252.4 | 2.9 | Seller's Market | 181 | Buyer's Trend | -28% |
Louisville | 29 | 101 | 8.4 | 3.4 | Seller's Market | 8 | Buyer's Trend | -5% |
Northglenn | 187 | 415 | 34.6 | 5.4 | Seller's Market | 37 | Seller's Trend | 7% |
Parker | 598 | 1,628 | 135.7 | 4.4 | Seller's Market | 107 | Buyer's Trend | -21% |
Superior | 27 | 134 | 11.2 | 2.4 | Seller's Market | 7 | Buyer's Trend | -37% |
Thornton | 725 | 1,622 | 135.2 | 5.4 | Seller's Market | 141 | Seller's Trend | 4% |
West-minster | 557 | 1,251 | 104.3 | 5.3 | Seller's Market | 112 | Seller's Trend | 7% |
Wheat Ridge | 128 | 307 | 25.6 | 5.0 | Seller's Market | 16 | Buyer's Trend | -37% |
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Total of Selected Towns & Locales | 9,444 | 23,338 | 1,944.8 | 4.9 | Seller's Market | 1,932 | Buyer's Trend | -1% |
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Total MetroList* | 18,835 | 38,544 | 3,212.0 | 5.9 | Neutral Market | 3,840 | Seller's Trend | 20% |
| * Single Family Residences Only | | | | |
| http://www.milehighhomehunter.com/ |
| http://www.milehighforeclosure.com/ |
| http://www.cashpathrealestate.com/ |
| http://www.HomesInColorado.com/mclarkson |
| Note: This representation is based in whole or in part on content supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor is in any way responsible for its accuracy. Content maintained by Metrolist, Inc. may not reflect all real estate activity in the market. |
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