Denver Market Update

As you can see by the chart below, the average price of a single family residence fell almost 14%. But, look at the breakout. Detached single family homes fell a little more that 16%, while condo, townhomes and patio homes only fell 8.46%. The interesting thing that I am seeing, though, is that Parker, Aurora and Highland's Ranch saw an INCREASE in average price from November to December of 2008. The Real Estate Market is definitely different from city to city and from neighborhood to neighborhood. If you'd like an update on what direction your neighborhood is trending, just give me a call. I'd be happy to research that for free.

Active number of listings is down to 19,600. Compare that to 24,603 for 2007, 24,534 for 2006, and 23,092 for 2005. Sellers that don't have to sell are definitely waiting on the sidelines. I am expecting a big boom in the number of listings in January and February because of the pent up demand by sellers to list and sell their properties. It really will depend a lot on the economy. Next month, I'll let you know if I was on target with that prediction.

While it may feel like we are reaching a real slow down in foreclosures and Short Sale properties, analysts are expecting that to pick up again as the year progresses and "A" paper loans begin to readjust.

If you are in a position to sell, make sure you hire a seasoned professional that understands the direction of the market and is willing to market your home like a Monster. If you want to buy, GOOD FOR YOU! Hire someone that can absolutely represent you to get the lowest price possible. In either case, that would be the Bandy Home Team!

Also, if you or someone you know happens to be in a situation that they need to sell, but owe more on their property than it may sell for, please have them call us. We are opening a new division of the Bandy Home Team for Distressed Properties to help people avoid foreclosure in Denver. Don't let time run out - Call us, we can help!

Marianne Bandy

Free Property Search Denver, Colorado