18th Dec, 2008

Good Patchwork for Metro Denver Housing

In October 2008, the Metro Denver real estate market continued to offer promise.  According to Metrolist figures published by the Denver Metro Brokers Real Estate Adviser, sales volume for Metro Denver CO homes and condominiums increased 11.3 percent from October 2007 to October 2008.  Metrolist also said Metro Denver CO real estate experienced fewer average days on the market.

However, there is great fluctuation within the Denver communities.  While the metro area saw a 2.1 percent decline since October 2007 to 95 days, the average days on market for Englewood CO real estate declined 17.6 percent, Centennial 17.1 percent, and Aurora 16 percent.  Contrast that with luxury neighborhoods in Lone Tree.  Lone Tree Colorado homes experienced a 211.5 percent increase in average days on market.  Next was Littleton with 25-percent increase.  Other sampled communities had single digit increases—Castle Rock, Denver, Highlands Ranch, and Parker.

Those homes in Lone Tree did sell, however, after the long wait.  Lone Tree registered a 116.7 percent increase in sales volume over last year.  Castle Rock, Englewood, and Highlands Ranch reported double digit gains in sales volume over the last year.

Nationally, single-family home sales dropped 3.1 percent during October.  New-home sales decreased 5.3 percent.  That latter figure includes drops of 18 percent in the West and 6 percent in the South but gains of 22.6 percent in the Northeast and 6 percent in the Midwest.

Sales of existing condominiums and co-op units across the United States were at a seasonally adjusted annual rate of 550,000 units compared to the 625,000-unit sales pace in October 2007.

The patchwork of markets within the City, Metro area, and surrounding communities interestingly reflects similar fluctuations in markets across the nation.  It all goes city by city, neighborhood by neighborhood, and house by house and seems to defy a blanket rule.   Good thing numbers are edging up in the Mile High City.

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

Englewood CO homes for sale

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