Denver Market Conditions, November 2006

Denver's average residential single family home price in November was up 1.39% over October, and 2.35% over November 2005, a surprising though slight uptick during what has been a downward trend. The median price for a single family home was $240,000, down from October's $247,600, a 3.06% drop. The average price was $310,562, up 1.39% from $306,307 in October. Average days on market for a single family home is 103, and for condos is 134, up considerably over last year this time.

The average price for condos in the Denver market is $195,747, also up over October 2006 and November 2005. The median price is $155,750, up from October 3.46% and from last year this time a whopping increase of 13.56%. The market shows a flattening, with the median sale price dropping, while the average rose due to a few high-end home sales that tend to skew the average. The median is a better measure of market activity, with as many sold below the median as above.

The number of unsold homes on the market, 27,530, was up 5.5% from last year, but down 8% from last month. And the number of homes in foreclosure reached a new high giving sellers acid reflux when thinking about putting their homes on the market in December. In many cases ellers are having to accept much less than what they owe. Foreclosures on the market arent' expected to be absorbed for the next year and a half to two years, perhaps longer.

Meanwhile, buyers are finding real bargains. Sellers are still having to offer concessions to buyers and lower their prices to meet lessening market demand..

This is the holiday season, so figures could change in January and February. Stay tuned to what's going on in the Denver real estate market.