28th Nov, 2008

Buyers Snatch Well-Priced Denver Real Estate

Figures reported at the end of September 2008 for resold homes in Denver Colorado suggest encouraging news.  The Denver CO real estate market for existing homes has improved since the same period a year ago.  Spurred on by low interest rates, buyers snatched up well-priced Denver Colorado real estate, especially Denver homes in the $200,000 to $300,000 price range.

Data released by Denver’s Multiple Listing Service, Metrolist Inc., zeroed in on the resale market versus the new-home sales.  During September, the report counted 4,265 sales in the resale category—up 14.13 percent from last year at that time.  This was great news after the lower-than-usual figures posted for the normally vigorous month of August.  August prices were flat—a story echoed in other U.S. cities and communities.  Sales for existing Denver Colorado homes have still been down during the first three quarters of this year as compared with the same time period in 2007.

What do buyers consider to be well priced?  Take a look at the median selling prices to draw your own conclusions.  The median selling price for single-family homes fell to $216,150, down from $245,000 last year.  For condos, it is $139,900 versus $148,000 last year.  A median price is like grading on the curve in the classroom.  When we list the prices top to bottom, the median price will be the middle price.

Average prices are different.  To compute the average selling price, we add up all of the prices and divide by the number of homes sold.  Because one very expensive home can skew the number dramatically, the median price usually more accurately reflects the trends.

The average selling price for single family homes in September was $260,118 and for condos it was $161,960.  According to Metrolist a fourth of the homes sold in the $200s along with condos in the $110,000 to $150,000 price range.

How long does it take a seller to move a home?  In 2007 and 2008, the average number of days on the market has been just over 100.  But as the inventory decreases, sellers may find that homes start moving a little more quickly.  About 24,000 unsold homes remain on the market this year versus over 30,000 last year. 

For more information about farms, horse properties, and real estate in the metro area, call Michael Paul of Realty Oasis at (303) 268-6052.

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