Northwest Denver Market Statistics for December 2008

We’re finally caught up (for now) with our market statistics after this post. On to the December 2008 graphs…

Average Net Sales Price

It appears we’re officially trending in the right direction. Average net sales prices in Northwest Denver are up for the second month in a row. Comparing average net sales prices in DNW year over year, we’re actually up a very small percentage from December 2007. I would call that an accomplishment. Hopefully things keep moving in a positive direction.

Number of Properties Sold

While not as rosy as the figures for average net sales price, we are at least breaking the trend established through the past 4 months or so of declining number of sales. We are still about 25% down from the number of sales posted for December 2007 but I should note that the overall curve of the graph is still reflective of the typical movement we see in number of homes sold on a seasonal basis (sales peak in July/August and dip till about February).

Distribution of Properties Sold by Price Range

Same pattern as previous months in this department. We are seeing the number of homes in the $400,000+ category pick up a bit. This may have helped bump our average net sales price for the month compared to November.

Average Days on Market

We’re still seeing volatility in the average days on market for Northwest Denver through December 2008. In some ways this graph is representative of the market sentiment among clients and other agents alike: everyone is wondering where thigns are headed and for the most part no one can say for sure. Until a trend starts to establish itself I don’t know that we can take a whole lot out of this data. Having an average days on market of less than 100 isn’t great but again, things could be much worse. 

Additional Thoughts

It will be interesting to see how the Case-Shiller data comes in for November and December for the Denver/Aurora area. I would venture to guess that Northwest Denver will have outperformed the Front range as a whole in it’s ability to hold steady in the face of adversity. In many ways I feel like 2008 was a great test of our market. We have now moved into a new year and a new president and I think we’re poised to make modest gains in our local market through 2009. The keys to the continued strength of the DNW market are still in place: strong community involvement by it’s residents and continued commercial development/redevelopment.

All data is courtesy of Metrolist, Incorporated. Metrolist does not guarantee nor is in any way responsible for its accuracy.