Steven D Danyliw
Danyliw & Associates
January 27th, 2009
Let’s start with December. Under contracts, as expected, were down 9.7% from Nov. and down 3.4% from Dec. of ’07. We finished the year with 62,647 sales which was a plus 1.6% over 2007. The down side was that dollar volume was down a bunch. As we’ve said all year, our market has been driven by the low end in foreclosures and short sales, so no surprise there. Average days on market were a nice even 100 so it’s still taking a little while to get things sold.
The most exciting news is on the listing front. We ended the year at 19,600 listings. We’ve said for months now that based on history and what’s been happening in our market that it looked like we could break that 20,000 barrier by the 1st of the year. And you thought Nostradamus was good. This is a huge positive sign. We ended the year with 20.3% less inventory than we had at the end of ’07. We don’t have a final figure on foreclosures yet but they’re going to be down also. Again, another positive sign.
It’s still too early to tell on the impact of the government bailouts and the eventual impact on housing. We do know that interest rates are dropping and that increases affordability. Also, refi’s are picking up and if homeowners can save a chunk of money in their monthly payments that’s additional money they will spend to improve the overall economy. The same is true with the big drop in price at the pump. It’s additional money to spend on other things. Like house payments and such.
The stars are starting to align and Nostradamus's tenth quatrain predicts that the Denver market will turn the corner and pick up in the year 2009. I’m sure I read that somewhere. Remember, you heard it here first. As always, thank you for your business. It’s much appreciated.
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