Denver January/February Real Estate Market Snapshot
The number of homes sold for January ’10 was up +9% compared to January ’09 but February didn’t change much for the same time period. However, prices increased by +11% in February ’10 compared to ’09. Prices increased by +9% in January. The good news is that home sales in Denver is steady or increasing slightly and not declining like it is in much of the US.
The average price of a home sold—currently $265k—has been gradually increasing over the past year although this is a little bit misleading. When we saw double-digit declines of home prices a few years ago, that was due to selling many small REO homes. Nicer homes were not selling. That change in mix drove most of the price decline. But in today’s market we are now seeing the opposite effect.
DOM (Days on Market) declined in Feb ’09 vs. Feb ’10, from 104 to 92 days. We had a similar pattern in January. A decline in DOM usually foreshadows a market recovery. This is great news for the long term health of our market.
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John Thomas MSEE, MBA
(m) 720-771-5594 (e) john.thomas@e3greenhomes.com
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John...Colorado Springs also has a surge happening! Yet, I spoke with a title company executive this afternoon who predicts a major increase with short sales/foreclosures for the next two years...Cherise