The February 2010 market statistics for the Denver area real estate market were released by Metrolist last week.
The Denver market is firming, and luxury properties are breathing a few gasps of life too. There were 51 closings above $1,000,000 in Denver last month. The Kentwood Companies represented approximately 26 of those.
Denver still suffers from a lack of inventory, which is proving frustrating to buyers. This will translate to rising prices, but we’ll need stable employment to really say we’re through the worst.
Last month, we had 17,465 properties on the market in Metro Denver. This month, 18,869. That was a needed increase at the time of year we typically begin to add more inventory. We’re off by nearly 6% from this time last year, which will translate to pent-up buyer demand.
Rates are extremely low for the time being and the home-buyer tax credits are still in effect until the end of April. We’ll continue to add inventory through the summer, but the pace will probably slow. Buyers – begin to think what your must-haves are and what you can live without. You may need to make some compromises.
Average prices have come up from January and from last year. This is still primarily in the mid to lower price points. Higher end will take another 12-18 months to begin to see significant price appreciation.
Sellers – get your house on the market soon if you’re thinking of selling. Have it totally spiffed up and ready to go – you’ll appeal to buyers desperate for their dream home!
Gretchen Rosenberg writes LifeStyle Denver and has been selling homes in Denver since 1996. There isn’t a neighborhood in Denver that Gretchen hasn’t shown in or sold a house in!