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May 2011 Metro Denver Real Estate Newsletter

J. David Lampe, Realtor

Quick Stats 
Denver Metro Single Family Housing Stats:

Active Listings: 15,238

  • Down 7% from April ‘10

Under Contracts: 3,878

  • Down 25% from April ‘10

Solds: 2,735

  • Down 17% from April ‘10

Average Price: $271,969

  • Down 1% from April ‘10

Average Days on Market: 109

  • Up 38% from April ‘10

Denver Metro Condo Housing Stats:

Active Listings: 4,315

  • Down 17% from April ‘10

Under Contracts: 871

  • Down 40% from April ‘10

Solds: 694

  • Down 21% from April ‘10

Average Price: $158,438

  • Down 2% from April ‘10

Average Days on Market: 123

  • Up 46% from April ‘10

Real Estate News

Every quarter we are proud to bring to you the latest Price Change Map which you will find inside this issue. This tool is created and developed by RE/MAX Alliance to give you a clear sense of the current real estate trends in each neighborhood in Denver Metro. For the first time, we can look inside each neighborhood and see what the real estate market looks like at a hyper-local level, so you can make a better decision whether you’re buying, selling or investing. Please take a moment to review the map, I think you will find it very interesting!

Here’s how to read the map. Pick a neighborhood that interests you, say Wash Park East. During the past 12 months in Wash Park East the average Days on Market (DOM) for a listed property was 102.  There has been an 8% price drop in the past year, and the average sold price was $599,000. There were 159 sales in this time period, and currently there are 49 Active properties for sale, which equates to a 3.7 month supply.  What does this tell us about Wash Park East? It tells us that prices have been soft in the past year (high DOM and decreasing prices) but the inventory appears to be dropping, which will help sellers in the neighborhood. With currently only a 3.7 month supply of homes for sale (6 months of supply is a balanced market) it appears that the bottom may have been reached and we expect prices to hold firm and perhaps begin to rise as we head into the summer buying season.

Let’s look at another neighborhood just on the other side of I-25, Platte Park. The story here is very different!  In this neighborhood DOM is only 92 and there has been a 15.4% RISE in home prices in the past year!  The average sale price is $426,000 and in the previous 12 months there have been 40 sales. Currently there are 13 Active properties and there is 3.9 months of inventory. What this tells us is that Platte Park has held very strong during the recent downturn and the low inventory suggests prices should keep rising for the foreseeable future!

Look for your neighborhood and hopefully you find this tool helpful.  Give me a call and I’d be happy to sit down with you with a full size 36” X 18” copy of the map so we can review it together and I can answer all your questions.

YCRE In the News
Your Castle is proud to announce that according to the May issue of the Denver Business Journal we are now the 10th largest residential real estate brokerage (and the 2nd largest independent brokerage) in the Front Range!  We are also the 12th fastest growing real estate company in North America (U.S. and Canada)!  I want to personally thank you for you business and let you know I am always at your disposal for any of your real estate needs.

Metro Denver Real Estate Trends Map

Metro Denver Real Estate Trends Map