In a real estate market the size of Denver’s, you might be surprised to learn that we only added 119 new listings to our inventory since last month’s real estate statistics were released. We added 121 new single family listings and we sold 2 more condominium listings than were added.
Our average days on the market has been reduced by 5 and our average sale price rose by $15,412. The single family residence average price rose $21,246, but the condominium average price fell by a whopping $10,515. That’s curious to me. With the number of condo listings dropping, you would assume that the resulting demand would drive prices up. It’s probably just a reflection of the basket of properties that happened to sell last month.
Our local real estate market is strengthening day by day. Why?
Denver’s employment is relatively stable, and in some sectors is growing. While we’re certainly having budget struggles at the local and state level, we’re not bankrupt. Many people from other states (California) are moving here to benefit from our fabulous lifestyle, great schools and more stable economy. California (my home state) has more out-migration than in-migration right now. Colorado is the opposite.
When you compare our market statistics year over year, we’re certainly down quite a bit from last year. And our average sale price is down by nearly $45,000 from the high set in 2006. But given the circumstance of the world, the events that have shaped our economy since last fall, we’ll take it!
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