Broomfield, Westminster, and Northglenn Colorado - Real Estate Trends 4Q 2007
By Charles Roberts and Lon Welsh, Your Castle Real Estate.
The average home price in Metro Denver increased +2% in the full year 2005 to the full year 2006, from $309,000 to $317,000. Comparing 2006 to 2007, the average home price across the metro dropped 2%, from $311,000. The average price of a foreclosure or .jpg)
short sale dropped in that time period -3% to $188,000. The average price of a non-distress sale increased 5% to $370,000. Sales volume over the last twelve months is off -4% for DSF/ASF. Foreclosure and short sale volume is up +31%; non-distress seller volume is off 20%.
Some areas did better than others. The attached chart shows different neighborhoods in North Metro Denver (email me for a bigger map at lonwelsh@yourcastle.org). Each region has the neighborhood's name and the percentage of sales in the last twelve months that were either short sales or bank-owned properties. The second line has the price change the twelve months from 2006 vs. 2007. Next, you'll see the average home price in the last twelve months and the number of homes that were sold.
There had to be at least twenty sales in the last year for an area to be included. The numbers are more reliable in areas where there were more sales. In some neighborhoods you'll see dramatic price declines, largely due to the influence of a lot of bank foreclosures. This mainly occurs in less expensive neighborhoods, where the average home price is under $200K. In more expensive areas, a change in the mix of the types of homes sold can dramatically change the price increase or decrease. Also be aware that there are often multiple builders and/or subdivisions in a given "neighborhood". These stats are a lot more interesting than reporting on the average of the entire metro, but you still have to take some care in how they are interpreted!
Source: Your Castle Real Estate analysis, MLS data
(c) Copyright 2007, Your Castle Real Estate
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