Wendy Bibeau, Realtor - Denver Colorado Real Estate

The Bibeau Group has prepared the following statisitcs on the real estate market in the Hills at Piney Creek in Centennial, CO.

The Hills at Piney Creek is a subdivision in the Cherry Creek School District in the southest Denver metro area.

The following information was compiled on August 6, 2009*.

• Over the past 12 months, an avg. of 2 homes have sold per month
• Over the past 6 months, an avg. of 2.67 have sold per month
• Over the past 4 months, an avg. of 3.25 have sold per month
• Average Days on Market has gone down during these same time periods as well: 61, 51 and now 47
  
• The past two sales (in June) were each on the market less than a week
  
• No sales recorded so far in July/Aug
  
• Given the current inventory, this part of Piney Creek is showing a 4-5 month supply of homes (based on current sales pace)
  

If you have a home you are thinking about selling in the Hills at Piney Creek, we would be happy to prepare a customized market analysis for you.

For more information about this neighborhood, you may also wish to visit the Homeowners Association website.

*Based on information from Metrolist, Inc. for the period February 5 through August 5, 2009. 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 may not reflect all real estate activity in the market.

Here is Part II of The Bibeau Group's summary of recent Denver Real Estate headlines. The following are excerpts, but you are able to read the complete stories by clicking on the links. Please let us know if you have any questions about the articles or what they might mean for your personal situation.

Denver tops on 'Today' show list of cities poised for real-estate rebound

Denver was named America's No. 1 city on the verge of recovery from the real-estate slump in a segment Tuesday on NBC's "Today" show. Real estate expert Barbara Corcoran, a regular guest on the show, said Denver more than any other U.S. city is "clearly on a rebound." "It's really the perfect real estate success story," she said. "It had one of the highest foreclosure rates in the nation for years running, and now they've cut that foreclousure rate in half and they've turned the corner." Rounding out Corcoran's list of cities poised for a real-estate rebound: * 2. Raleigh, N.C. * 3. Austin, Texas * 4. Seattle * 5. San Francisco

Denver offers free building permits for home improvements

The city of Denver will offer free building permits through the first half of June for home-improvement projects as a way to encourage economy-boosting renovation work. The free permits are for common improvement projects involving single-family homes and duplexes. They will be available June 1-15 and are valid for 180 days, the city announced Friday. Permits will be issued on the spot to homeowners or their contractors. Building-permit fees normally range from $20 to several thousand dollars, depending on the value of the project.

Recession Is Over According to Financial Experts
Improving Housing Market, Leading Economic Indicators Makes Experts Optimistic

There is a growing belief among financial experts that the recession is over. New housing inventory data seem to show improvement in the housing market. Barry Knapp, a strategist at Barclays Capital, wrote recently that the economy appears "to be in the sweet spot of a recovery" and that the recession may have ended last month, according to Bloomberg News. Sonders warned that unemployment is a lagging indicator and, historically, employment figures don't begin to recover until six months after the end of a recession. That means that this time around, unemployment likely won't peak until the end of this year.

Locals dispute Zillow stats for "underwater" homes

Declining home values mean 32 percent of Denver-area homeowners owe more on their mortgages than their homes are worth, according to a recent report by Zillow.com, a statistic local experts dispute. Home values dropped 7.7 percent in the first quarter of 2009 compared with the same quarter a year ago, the report says. But many local industry experts are skeptical of Zillow's numbers, which are based on sales data gathered from public records that can be out of date. Lou Barnes, owner of Boulder West Financial Services, said a number of other organizations provide data on the housing market that are much more reliable than what Zillow released.

Banks hold back seized homes
The slower pacing is helping to drive up REO bidding.

Bidding wars arise frequently in the REO market, especially for homes priced below $200,000, Denver brokers say. Many REO-listing agents report having seen low-priced properties attract 20 or more offers. More than in past down cycles, lenders are easing their repossessed foreclosures back onto the market rather than loosing a flood, according to Michael Clarkson of Mile High Home Hunter Realty.

The second part of the strategy is to "price them low and dirty to get people to come in and bid," he said. The holdback strategy seems to be working for lenders, said Ed Cluff, an investor.... "I've seen a lot of price escalation, particularly in north Aurora, Thornton and Montbello." For properties priced below $200,000, the average time on market is 2.6 months, according to MetroList. That's half of what it was just 13 months ago and less than half the time on market for homes priced between $200,000 and $400,000.

But many say the uptrend is temporary, driven mostly by banks holding their REO properties rather than selling them and holding off on new foreclosures. When those effects wear off, REO prices will fall, according to Craig Hindes, a broker with Coldwell Banker in Westminster. "A lot of inexperienced people will be stuck with properties they paid too much for."

Weighing in on property valuations
Property assessments are in the mail, so here's how the system works

Although sophisticated computer models are used to value properties, not everyone will be pleased. Below are a few things property owners need to know.Valuation notices detail how property owners can file a protest by the June 1 deadline. It's easy to challenge factual errors such as a property's square footage, the number of rooms, or a supposedly finished basement that isn't. More challenging is contesting the value assessors have placed on a home, especially in a volatile real estate market. One of the most common mistakes people make in disputing valuations is to compare recent sales or appraisals with their property, Groff said. Assessors review sales over an 18-month period that ended June 30, 2008. Information after that can't be in the appeal.

Read Part I of this article

If you are thinking about getting into this very changing market, please let us know how we can help.

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There has been a lot of information coming out recently about the Denver real estate market. So much, in fact, that we have categorized our summary into three separate articles. This first post covers specific real estate statistics for the Denver area. Our next post will cover other Denver real estate news. Below are excerpts from several news stories, please click on the title for the complete story.

Denver Trends April 2009, Security Title

Average price of sold homes in Denver going up!

$236,920 in February 2009 | $251,583 in March 2009 | and $254,442 in April 2009 (single family residential)

Unsold homes on the market (inventory) going down!

April 2008: 26,171 Homes | April 2009: 20,705 Homes

Positive Perspective, Land Title Guarantee Company, May 2009

The 8 Denver neighborhoods that saw the highest average sale price increase in 2008:

• Baker: Average Sold Price = $255,000; + 8% in 2008.
• Berkeley East: Average Sold Price = $314,000; + 7% in 2008
  
• Cherry Creek: Average Sold Price = $1,161,000; + 11% in 2008
  
• East Highland: Average Sold Price = $296,000; + 7% in 2008
  
• Platt Park South: Average Sold Price = $402,000; + 4% in 2008
  
• Rosedale: Average Sold Price = $360,000; +17% in 2008
  
• University Hills: Average Sold Price = $303,000; + 6% in 2008
  
• Wash Park East: Average Sold Price = $705,000; + 8% in 2008

Your Home Is Worth More Than You Think, 5280 magazine

"Enough Already. Yes, these are the worst economic conditions since your grandfather's primary vehicle was a tricycle, with no end and little clarity in sight. So let's gather ourselves and sort out which numbers really matter and which ones merely perpetuate the fear that's gripped the financial and real estate markets for months.

First: Denver actually scores remarkably well on the index of overall housing-related distress. In 2008, area foreclosures declined almost 12 percent from 2007, the first year-over-year decrease in more than a decade.

Second: Our home prices 'only' declined by 5.1 percent from January 2008 to early 2009—compared to the national average of 19 percent—a relatively slight dip that made Denver one of the nation's top housing markets in 2008."

Colorado foreclosures down in first quarter, Denver Business Journal

"Colorado home foreclosure filings and sales both dropped in the first quarter from a year earlier, a positive sign for the state's economy, the Colorado Division of Housing said Monday. New foreclosure filings, the first step in the foreclosure process, fell 8 percent to 10,745 from 11,634 in the first quarter of 2008. Completed foreclosures dropped 26 percent, to 4,354 from 5,899 in the same period a year earlier.

"We continue to be cautiously optimistic," said Kathi Williams, director of the Division of Housing, in a statement. "Unemployment continues to be a concern as do future resets on adjustable rate mortgages. Of course, other states have these same dynamics, but their foreclosure rates are going up while ours are stabilizing. That's a good sign for us."

Hope for a troubled housing market, 9News.com

"Imagine putting your house up for sale and having an expectation of selling it for more than the asking price. Now imagine not only selling it for above the asking price, but having it sell in a matter of weeks. This isn't a history lesson from the housing market boom of a few years ago; it is the real estate picture in the Denver metro area today.

The hottest segment of the housing market right now is homes priced under $300,000. According to recently released sales figures, properties priced between $210,000 and $315,000 are selling in just more than four months on average. Homes priced between $135,000 and $210,000 are, on average, moving in just more than three months.

However, the properties priced below $135,000 are selling fast. Those homes priced between $135,000 and $85,000 are selling in two months on average. And the hottest portion of the housing market right now is homes under $85,000. They are selling, on average, in weeks not months and many of those properties are getting multiple contract offers, sometimes above the asking price."

Denver-area condo sales outpace single-family sales, Denver Business Journal

"Denver-area condo sales improved more than single-family home sales in April from the previous month, according to data released Thursday by Metrolist Inc. Metrolist Inc. is metro Denver’s Multiple Listing Service for homes on the market.

While single-family home sales improved nearly 5 percent in April from March, condominium sales rose 11 percent."

Signs of life above $400k, Denver Examiner

"While the market for homes above $400k is clearly the weakest of the price ranges, there were some inklings of life during April. With between a year and five year’s supply available in the prices ranges above $400k, sellers shouldn’t be expecting too much relief in the short-term.

However, increases in the number of properties under contract (and the corresponding US ratio) suggest the improvements in the lower price ranges may be trickling through. For home sales between $400k and $500k – active listings fell slightly, sales dropped about 4%, properties under contract increased almost 20%, the Under contract to Sold Ratio (US Ratio) increased significantly and Months of Supply (MOS) hit 11.79.

While the actual sales performance remained weak – the significant increase in the leading indicators (Under contract, US ratio) bodes well for the coming selling season. Depending on the increases in sales volume, this price range should begin to see more consistent price stability across Denver as the bargains are snapped up and loans become more readily available."

Read Part II of this article

If you are thinking about getting into this very changing market, please let us know how we can help.

Search all Denver Homes for Sale | Find Out How Much Your Denver Home is Worth | Denver Relocation

Are you considering a move to Denver? Looking for a way to get your questions answered about neighborhoods, schools, taxes, or real estate?

We would like to formally announce the launch of The Bibeau Group's new Denver Relocation Q&A blog!

MovingToDenverFAQ.com

At this brand new site, those relocating to Denver will be able to access a wide variety of resources that will help with their moving plans, as well as participate in a Q&A about any relocation issues.

The content includes:

• Links to Denver Community/Government Resources
• Colorado School Information/Ratings
• Denver Cost of Living Comparison Tool
• Articles about Living in Denver
• Free Denver Relocation Packet

Additional content is added regularly, so please bookmark or subscribe to our blog!

Here is a quick update on recent Denver, Colorado real estate headlines. If you know any potential first-time homebuyers, the first article is a must-read. The other two address hot price-ranges in Denver, and the latest foreclosure statistics and why they may not be completely accurate. Also, see the bottom of this message for two more ways you can stay on top of the latest info from our team!

This first article explains a new program through which first-time homebuyers in Colorado can utilize a big chunk of their $8,000 tax credit as a down-payment or for closing costs:

Help for a first home
Potential buyers get state loan, federal tax credit

Here is an explanation of the 'hot' price-ranges in the Denver area:

Real Estate Market Hot For Low, Mid-Priced Homes
Multiple Offers, Bidding Wars Possible For Houses Priced Near $250K

Finally, this story explains Colorado's current 12th in the nation foreclosure ranking, why the State disputes the numbers and what they are planning to do to improve their reporting of foreclosure data:

RealtyTrac: Colorado 12th in foreclosures in 1st quarter

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