Denver Colorado November Real Estate Market Statistics*: Is This The Bottom?
Interesting numbers this month. The only thing that isn't down is price and the number of units sold compared to November 2008. With a decrease in inventory, contract listings, sales compared to last month and year to date, I am left to wonder if we are skipping along the bottom of the market.
It makes sense that prices would hold steady or even increase if volume decreases. That's Economics 101 with regard to supply and demand. It is almost like we are steering a very large ship and the turn angle is huge. Bottom line, even if we are at the bottom it will take some time to turn this thing around. It took us long time to get here and it will take some time to get out.
Available inventory was at 13,575 active listings, down 6% compared to prior month - This represents a 19% decrease from same month year ago
- Under contract listings decreased 28% to 2,727 from Oct 09 figures
- Under contract listings were down 7% compared to Nov 08
- Sales were down 10% from month ago to 2,751 units sold
- Compared with Nov 08, units sold increased 17%
- YTD sales (units) were down 13%
- 35,403 units sold YTD 08 vs 30,786 units sold YTD 09
- Average sales price was $265,498
- Even compared with Oct 09, $261,771 avg price
- Up 9% versus Nov 08, $242,557 avg price
- Median sales price was $218,000, down 2% versus prior month, and up 12% from Nov 08
What are your thoughts about the market? Do you think we're at the bottom? Are you seeing any signs of recovery?
*Data courtesy of Metrolist
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John Thomas MSEE, MBA
(m) 720-771-5594 (e) john.thomas@e3greenhomes.com
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