The Denver Real Estate market statistics have been posted and our market continues to show signs of strength.
If you live outside Denver, you may have heard about real estate sales as a leading indicator of Denver’s recovery. The conventional wisdom is that we didn’t see the incredible highs of other real estate markets, and so we didn’t have as far to fall. In March we had 20,628 active listings in our local MLS, which is 2.84% more properties for sale than in February.
This says that even in these typically busy spring selling months, we’re not being flooded with new properties coming on the market. We still have 19.16% fewer homes available than this time last year.
It’s a good thing, it gives us some time to sell off the inventory we have and keeps a floor under any further decline. Prices are still trending downward from last year, a reflection of the propensity for lower priced homes to be selling right now. In other words, the mix of the homes that are actually selling is trending toward the lower prices and higher priced homes are taking longer to sell. Although prices have risen 6.60% since February – again pointing to more stability than other areas of the U.S.
The number of days it takes to sell a house is still slowly declining, one of the reasons prices are on the uptick. Buyers are actually having to make offers faster and can even miss out if they wait too long.
Great news for Denver! Rates are low and prices are excellent – a healthier market is on tap for 2009.