Denver Metro—Number of Homes Sold
Yesterday I presented Denver Metro Real Estate Market Trends for Q2 at the Boulder County Real Estate Investment club. The data is quite sobering. One slide in particular points to a multi-year trend in the market—the overall decline in the number of homes sold year-over-year.
The chart below was compiled by Your Castle Real Estate from Metrolist data showing the number of detached single family homes sold since 2005. The data is plotted by month. The last data point for 2010 is the month of May.
Data for the early part of 2010 showed an increase in homes sold over 2009 up until the expiration of the tax credit. Other data what was not plotted on the chart shows that the month of June 2010 was 3% below the number sold in the same month of 2009. In July, the number drops to 27% below compared to the previous year.
So why have fewer and fewer homes been sold year-over-year? It is easier to explain short term trends when they correlate with other economic information like unemployment. But a decline over a five year period is hard to explain. It is a bit of a mystery. One thing for sure is that it will likely take several years before sales stabilize at or above the numbers for 2005.
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John Thomas MSEE, MBA
(m) 720-771-5594 (e) john.thomas@e3greenhomes.com
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John this is an excellent analysis. I think your market is indicative of most of the country- we have a long way to go before we are out of the woods.
Great analysis John!