Denver Colorado December Real Estate Market Statistics*: Are We Bouncing Along The Bottom?
The downward trend in sales activity noted last month continues, with some exception, into the New Year. But the data doesn’t seem to follow a very logical pattern. Single family home sales and under contract are way off compared to a year ago.
It is interesting to note, however, that while available inventory has dropped and sales are off compared to the previous month, the total number of units sold actually increased by 10% compared to December 2008. Year to date unit sales are also way down.
So what would explain the spike in demand for December? My guess is that it is related to the extension of the tax credit. Sales for the year are still off but prices are rising which is to be expected with an increase in demand. The convolution of tax credits and a quivering economy tells me we may be bouncing along the bottom of the market.
Single Family Residential Market Activity:
Available inventory was at 12,263 active listings, down 10% compared to prior month
- This represents a 18% decrease from same month year ago
- Under contract listings decreased 13% to 2,371 from prior month, and were down 11% compared to Dec 08
- Sales were down 15% from month ago to 2,328 units sold
- Compared with Dec 08, units sold increased 10%
- YTD sales (units) were down 13%
- 37,988 units sold YTD 08 vs 33,114 units sold YTD 09
- Average sales price was $281,756
- Up 6% compared with Nov 09, $ $265,498 avg price
- Up 17% versus Dec 08, $270,261 avg price
- Median sales price was $221,000, up 1% versus prior month, and up 13% from Dec 08
What are your thoughts about the market? Are we bouncing along the bottom? Are you seeing any signs of recovery in your area?
*Data Courtesy of Metrolist
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John Thomas MSEE, MBA
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