Denver Market Statistics Indicate Market Recovery

The beauty of the area alone might compel you to buy a home in greater Denver, but recent market statistics underscore that you will be making a sound investment as well as getting a great view! Denver real estate has generally fared better than it has elsewhere over the last year or so, but a number of signs in the market indicate sustainable economic recovery.

•· Housing inventory is falling. In fact, the current active single family and condominium inventory of 20,850 is the lowest October inventory in more than 5 years. This inventory drop is a good sign that the market is coming more into equilibrium and is positive for prices.

•· The average number of days on the market has fallen for both single family homes and condos. Currently, single family homes remain on the market 94 days and sell for an average of $273,972. Condos are on the market 98 days and sell for an average of $167,090.

•· The average list to sale price in Denver is 96.8% of current list price. (Previous price reductions may have been made.) A big difference in the selling and asking price means that the market is out of balance. Now signs are that the "buyer's market" of the last couple years is giving way to a more balanced market, especially in home priced under $250,000.

•· Though number of properties sold between August & September decreased by 1.4%, this is much less than the 3-5% reduction seen in prior years for the same month.

These figures are encouraging to both buyers and sellers. Buyers, spurred on by the $8,000 first time homebuyers tax credit, have bought up much of the current inventory in their typical price range. Homeowners who were reluctant to try to sell their homes in anticipation of having a long wait time to sell for a reduced price may now have incentive to put them on the market and move up. There is talk in Washington that the tax credit may be renewed and/or expanded, which would continue to sustain buyer interest.

For more insight into these numbers, contact Bandy Homes today. We can show you breathtaking homes with mountain views in Denver , great family homes in Castle Rock, or trendy urban condos or townhomes in downtown Denver (LODO).

Marianne Bandy

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