Denver Real Estate Statistics: No Need to Panic

By
Real Estate Agent with Keller Williams Realty DTC

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.

  2006 (thru August)    2007 (thru August)
Condos    
Active Listings 8,357                        7,598
Average Sales Price $188,463                  $182,340
% Sold to List Price 98                          98
Average Days on Market 121                  117
     
Residential    
Active Listings 23,307               23,229
Average Sales Price $319,604             $316,422
% Sold to List Price 98                             97
Average Days on Market 95                      103


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. 

Area: Central Denver  January 2007       August 2007      
Average List Price $729,521 $720,214

Avg Days on Market

109 98
Sold price as % of list price   97 97
Sold price as % original price 93 93

Area: Aurora South January 2007       August 2007      
Average List Price $421,669 $429,772

Avg Days on Market

100 84
Sold price as % of list price   97 96
Sold price as % original price 91 95

Area: Parker January 2007       August 2007      
Average List Price $544,319 $534,486

Avg Days on Market

132 115
Sold price as % of list price   96 87
Sold price as % original price 93 94

Area: South Suburban East January 2007       August 2007      
Average List Price $926,246  $948,103

Avg Days on Market

140 105
Sold price as % of list price   95 97
Sold price as % original price 90 94

Area: Castle Rock January 2007       August 2007      
Average List Price $694,088  $717,408

Avg Days on Market

134 118
Sold price as % of list price   98 97
Sold price as % original price 97 81

Area: Highlands Ranch January 2007       August 2007      
Average List Price $480,268 $478,535

Avg Days on Market

99 60
Sold price as % of list price   97 98
Sold price as % original price 87 96

Area: Jefferson County South   January 2007       August 2007      
Average List Price $421,669 $429,772

Avg Days on Market

102 76
Sold price as % of list price   97 98
Sold price as % original price 95 95

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.

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Anonymous
Justin & Wendy Brown
That's good food for thought; Thanks for the 'true' insight on things.
Oct 15, 2007 08:07 AM #1
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Wendy Bibeau

The Bibeau Group - Realtor - Denver Colorado Real
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