GREATER DENVER RESALE HOME
MARKET STATISTICAL NARRATIVE

MARCH, 2011

The following quote attributed to an unknown source says it best “Denver is normalizing.  Inventory is steady, buyers are shopping, and sellers are ready.”

The inventory of unsold homes is at 19,320 units, up 3% from 02/2011 and down 6% from 03/2010.

3,571 units were placed under contract in March, down 3% from 02/2011 and down 40% from 03/2010.  Please note that in 03/2010, the First Time Home Buyer Tax Credit was set to expire in April, 2010.  As such, the March, 2010 market saw buyers placing multiple offers on multiple homes in order to insure use of the federal program.  This buyer frenzy continued through April, 2010.

3,209 units sold in 03/2011, up 44% from 02/2011 and down 11% from 03/2010.  Please see the above note to appreciate the impact of the First Time Homebuyer Tax Credit program last year.  In review, the first time home buyer had to have the home under contract by 04/30/2010 and initially closed by 06/30/2010.  The 06/30/2010 was later changed to 09/30/2010 to take into consideration the time period required to close a distress property.

Single Family average prices, $249, 644 for 03/2011, increased modestly month over month and year over year.

Residential average price at $273,877 remained steady month over month and year over year.

Condo average price at $159,853 remained steady month over month and year over year.

Condo median prices decreased 4% to $120,000 in 03/2011 when compared to 02/2011 and decreased 9% from $131,579 in 03/2010.

Residential median prices increased 2% to $224,900 in 03/2011 when compared to 02/2011 and decreased 2% from $229,000 in 03/2010.

The following parameters, relative to the housing market, are improving modestly.  Consumer confidence is increasing, thus it is more likely that the consumer will make larger $$ purchases.  Employment is showing a slight upturn, thus reducing the fear of “loss of job”.  Mortgage rates remain affordable, even though the due diligence paperwork requirements are increasing.

Click here for more on the March statistics. 

Source:  Metrolist, Inc.

The above representation may or may not reflect all real estate activity in the market.

© 2011 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed