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Quick Stats
Denver Metro Single Family Housing Stats:
Active Listings: 12,613
- Down 28% from Aug. ‘10
Under Contracts: 3,075
- Up 5% from Aug. ‘10
Solds: 2,610
- Up 12% Aug Sept. ‘10
Average Price: $280,289
- Down 3% from Aug. ‘10
Average Days on Market: 99
- Down 1% from Aug. ‘10
Denver Metro Condo Housing Stats:
Active Listings: 2,920
- Down 44% from Aug. ‘10
Under Contracts: 772
- Up 9% from Aug. ‘10
Solds: 727
- Up 14% from Aug. ‘10
Average Price: $159,980
- Up 3% from Aug. ‘10
Average Days on Market: 127
- Up 19% from Aug. ‘10
Real Estate News
Our Metro Denver housing market continues to surprise and confound! For example, just when you thought the luxury market was dead and gone it starts to rebound. Two separate reports released last week suggest there is life yet in the high-end market. In the first three quarters of this year, sales volume for luxury homes totaled $608 million for single-family homes, up 1% from the first nine months of 2010. The number of homes sold was up 3% to 395. For luxury condos, sales volume in the first three quarters soared 36% to $45 million from the same period last year. But, while the inventory of million dollar homes has shrunk significantly from last year there still remains a large inventory of these homes. Stay tuned.
Of course, the majority of the market is under $300k. As a matter of fact, 71% of all home purchases in Metro Denver are $300k or less. Here’s how it breaks down: $0 – $99k = 13% of the market. $100k – 199k = 32%. $200k – $299k = 26%.
So, how are things under $300k? Very well, actually. The Denver housing market in September boasted the “youngest” inventory of listed homes in 146 metropolitan statistical areas tracked by Realtor.com. In September, the median-age of Denver’s housing inventory was just 46 days. According to a prominent local home builder, “Denver is one of the most desirable cities in the country, housing inventory is at an all time seasonal low, interest rates are at an all time low, people are moving to Denver, and the economy is showing signs of growth. These all represent the best opportunity to buy a home at any time in our history. People who are seeing the current economic circumstances as temporary – and are functioning – are getting some terrific, never to be seen again deals on homes, and will be rewarded when the economy turns around – as it always does.”
The bottom line is that, despite everything you hear in the media, our market is surprisingly strong and vibrant, with even the high-end having appeared to bottom out.
YCRE In the News
Your Castle is proud to present the 3rd Annual Investor Success Summit being held at the PPA Event Center, 2105 Decatur St. Denver on Saturday, November 5th. This all day event is free to the public and will be packed with speakers and presentations from local investors, realtors and thought leaders with absolutely no selling! There will be sessions likeTop 10 Mistakes in Real Estate Investing, How to Create Cashflow, Deal Analysis, Property Management, How to work with REO brokers to get killer deals, Mortgage Lending to Buy and Hold, Investing Your IRA, and much more! Best of all, all profits raised by our 18 sponsoring vendors will go to Mercy Housing, to whom a check will be presented at the end of the day. To register, go to our training calendar at www.yourcastle.org and click on Training/Seminars. The description of the Summit has the registration link. Registration starts at 8:00 a.m. and the keynote is at 8:30. See you there!