Here is a quick snapshot of the single family housing market (Residential and Condo) in the Denver metro area from February 2011*:
Number of Homes Sold = 2,229
Average Home Price = $242,704
Average % Loan to List Price = 95%
Average Days of Market (DOM) = 124
Total Price of Sold Real Estate = $540,985,845
From January 2011
The number of Sold homes rose by 3.39%, yet the Sold Price dropped by 3.81%. The number of Days of Market increased by 3.35% or 3 days. Though the number of homes sold jumped up slightly, home values dropped and they are taking a little bit longer to sell.
From February 2010
The number of Sold homes dropped by 8.50%, and the Sold Price decreased by 1.93%. The number of Days of Market increased by a whopping 30.18% - meaning homes are on the market an average of 24 more days than 1 year ago.
For more information on the value of your home or neighborhood, or to find the best deal on a new home, contact Andrew Cepeda today!
*Data taken from Market Activity Report in Metrolist.