Denver Real Estate Market Report
The Denver Metro real estate market statistics are in and the news continues to get better. Inventory of homes on the market is at the lowest since we can recall. Officially we have 36.36% less homes on the market than at the same time last year.
The average sale price is down 1.96% from the same time last year. Considering how hard hit other parts of the country have been, this is good news for Metro Denver.
We are selling homes, in fact depending upon which area we are selling at a rate of 20-26% of the inventory each month. Not all areas are experiencing this rate of sales. The mountain properties in Conifer, Bailey, Pine and Mountain Jefferson County continue to see 49+ weeks of inventory, making those areas an extreme buyer's market.
Knowledge is power, knowing what the market is doing is the first step.
The easily read band graphs provide the following information:
- Number of Sold Properties in each MLS region
- Number of Active Listings
- Number of weeks of inventory
- Average Sold Price
- Average Days on Market (DOM)
Note the color coded band that indicates what type of market each area is typically considered to be in. High inventory means an extreme BUYER’s market. A low inventory of homes available for sale indicates an Extreme Seller’s Market.
Northeast Region ~ Metro Denver Real Estate trends
The Northeast Region encompasses Aurora North, Brighton/Fort Lupton, Denver Northeast, East Suburban North, N Northeast Suburban, North Suburban Central and North /Suburban East, we are in a “normal Seller’s Market” with the exception of the N Northeast Suburban area which is experiencing a "balanced market".
Northeast Region of Suburban Denver continues to lead the areas in the highest ratio of solds per listings at 26%. This area also has the lowest average price of all the regions at $185.803. Buyers looking for a good value in their home purchase are finding deals here.
Southeast Region ~ Metro Denver Real Estate Trends
This band chart covers Aurora South, Denver Southeast, Douglas/Elbert/Parker, Douglas/Highlands Ranch/Lone Tree, East Suburban South, South Suburban Central, South Suburban East.
The Southeast area is doing very good overall. The area is experiencing strong sales and holds the record for the highest average price in the region at $332,279. In November 21% of the available listings sold, 714 in all!
Southwest Region ~ Metro Denver Real Estate Trends
The band chart of Southwest Metro Denver encompasses both close -in suburbs, the foothills and Mountain communities of Denver Southwest, Douglas County West, Jefferson South, Jefferson South Central, Mountain Conifer Pine, Mtn Evergreen North, Mountain Evergreen South and Mountain Jeffco Central.
Metro Denver Southwest area has seen improvement since last month. The mountain areas (with the exception of Mtn. Conifer, Pine and Mountain Jeffco Central) are all rising out of that red zone. More homes sold, but at a lower average price than last month. Typical of a soft market the sellers who must sell are making adjustments in price. The weeks of inventory is dropping, as is the average days on market (121 DOM). In November Southwest Metro Denver Region sold 20% of listings on the market at 448 units.
Northwest Region ~ Metro Denver Real Estate Trends
This large quadrant covers the communities in Broomfield, Denver Northwest, Downtown Denver, Jefferson Central, Jefferson North, Jefferson North Central, Jefferson West/Golden, Lafayette, Louisville, Mountain Jefferson North, N Northwest Suburban, North Suburban West and Superior.
Northwest Metro Denver trends show a decrease in Days on Market over last month 100 to 91. 22% of the listings in this area sold in November for a total of 422. The mountain areas continue to see a high number of Days on Market.
Questions about your neighborhood? Need more specific data on your home for either purchase or to sell? Feel free to call for more in depth reporting. Kristal Kraft 720-279-4599 I welcome your call.
Based on information from Metrolist, Inc. for the period of November 2011. NOTE: this representation is based in whole or in part on content supplied by Metrolist, Inc. Metrolist does not guarantee nor is in any way responsible for its accuracy. Data maintained by Metrolist may not reflect all real estate activity in the market content.