June, 2010
This is the latest in a series of reviews discussing real estate trends in Denver. There are clear markers along the way to show Denver is recovering from darker days and rebuilding equity into our home values. While the larger question of life after the tax credit still remains unanswered for a few months, it is clear the positive trends in Denver are greater than other metro areas around the country.
Overall, Denver home sales increased by 10% for the year compared to 2009. There was a 20% increase in May to May sales. The number of days on the market dropped by 28% and prices rose by 4.3% over May 2009. The average sales price in Denver is now $273285.
Condos still offer great values for lower maintenance and increases depending on specific areas.
For our neighbors in Northwest Denver, the good news continues. The number of home sales was up 28% over 2009 and home prices rose 6.7% to $264305. While the number of homes for sale increased by 21%, the number of days on the market dropped significantly (47%), proving to be one of the most in-demand neighborhoods in the metro area.
Northeast Denver realized a greater percentage increase in closed sales price, averaging $217537, which is a 16% increase of May 2009. The trend in fewer days on the market showed a 22% improvement. Heading south, the southeast neighborhoods realized a small decrease in average price sold though it continues to combine some of Denver's more expensive neighborhoods. Average price in S.E Denver is $415436, which is down by 2%. Days on market decreased from 112 days to 76, a 32% improvement. Southwest Denver saw average price rise by 5.6% to $152292 and followed similar trends in far lower number of days on market to 62.
Mountain communities continue to lose values as more buyers seek out metro and urban homes. The popularity of metro neighborhoods is repeated around the country. Along the front range, Park county was the only mountain area showing improvements in average sold prices.
Lower than anticipated interest continues to provide incentives for buyers to seek out the right home. If you are interested in other Metro and suburban neighborhoods and the trends in real estate, please email me at martin@liveurbandenver.com and I will forward the appropriate report.
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