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

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