Amy Brawand, the VP of Sales at Land Title, just provided us the latest stats on Highlands Ranch - Lone Tree area obtained from our MLS.* By the way, we prefer Land Title for our closings because they are a local independent business and their service has been stellar.
Aug-08 Aug-09 % Change 2008 2009
#Of Closed Sales - Month 173 vs. 146 -15.6%
#Of Closed Sales - YTD 1,310 vs. 1,008 -23.1%
Avg. Days On Market 67 vs 78 16.4%
# Of Active Listings 636 vs. 692 8.8%
# Of NEW Listings 362 vs. 367 1.4%
Absorption Rate (in months) 3.8 vs. 5. 30.7%
Average Price (Sold) 394,887 vs. 369,834 -6.3%
So what does this all mean? I think the key to these stats is the absorption rate. It has increased to a level 5 which indicates that Highlands Ranch - Lone Tree is in a "balanced market". Numbers below the 5 to 6 level indicates it is a "Seller's Market" (fewer houses on the market based on historical sales per month and numbers above indicate a "Buyer's Market" (more houses on the market meaning it will take longer for the market to absorb based on historical sales per month).
For all of the Denver area (limited to the Metrolist MLS), we saw the absorption rate actually decrease from last year for August from 5.5 to 5.2. Denver, you are looking good!
*Based on Information from Metrolist, Inc. for the period Jan 2007 through present.Note: This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist, Inc.does not guarantee nor is in any way responsible for its accuracy. Data maintained by Metrolist, Inc. may not reflect all real estate activity in the market
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