Denver Real Estate Statistics: No Need to Panic

In talking with clients, colleagues and people on the street lately, I’ve noticed that there is a widespread belief, most likely fueled by dramatic media stories, that the Denver housing market is in terrible shape at the moment.  While there is definitely a slump in home sales and prices, real estate statistics show another side of the story.

Jim Slinkard, Team Leader at our Keller Williams DTC office, recently compiled the following data comparing August of this year with the situation one year ago in the Denver Metro area.

Jim notes, “As you see there have not been drastic changes as the media has portrayed. Keep in mind that if a house has been on the market for 300 days and a new one goes up for sale, the average days on the market is 150. This number doesn’t mean much, does it? Averages are just that: AVERAGES.”

Another factor to keep in mind is that real estate markets are primarily local or neighborhood in nature, as opposed to national or regional.  Over the past several months, some subareas are decreasing in value, some are staying even, while others are even increasing in value.

Here is a selection of Residential (not condo) MLS statistics by area for this year. 

As you will notice, most of the statistics show an improvement throughout the first eight months of this year.  If your area is not listed above, and you would like to know how it’s doing, just let me know.

So, the next time you see a doom and gloom media report on the ‘frightening’ housing market, make sure you know the facts.  In our next blogs, we will provide some background information about the developing ‘credit crisis’, as well as tips for both buyers and sellers to navigate the current market conditions in order to thrive in even in this market.  Buyers definitely have the advantage currently, but sellers also have options to improve their chances of selling and at a reasonable price.