Northwest Denver Market Statistics for November 2008

We’re making an attempt to get caught up on market statistics and such with the blog in time for January stats to come out in a few weeks. We’ll keep it brief but we figured it was worth while to publish November and December’s statistics separately so here goes…

Average Net Sales Price

As you can see in the graph, things were taking a dive through the end of Q3 and into Q4 of 2008. The market seems to have started a climb back into positive territory. We will have to see where things go from here but I would say that our upward trend in average net sales price is impressive in light of the events going on through November that certainly would have justified a continued slip in prices. As you can see below, our average net sales price has stayed almost flat year over year. Things certainly could be worse.

Number of Properties Sold

On this front the picture seems more decidedly in line with the general gloom and doom we’re seeing in the mainstream media. We are seeing a continued decline in the number of sales posted for Northwest Denver through November. We’re looking at roughly a 30% decrease in the number of homes sold from November 2007. Our experience with clients and potential clients through this time period is that many sellers decided to pull the plug on their listings till after the holidays and many would-be sellers decided to give it a few more months as well. With less homes available overall and few fresh listings to choose from it would make sense that the number of sales is going to decline.

Distribution of Properties Sold by Price Range

Nothing much has changed with regards to the distribution of the sold properties in Northwest Denver as you’ll see below. Our strength is still in the entry level price points between $200,000 and $300,000. 

 Average Days on Market

Average days on market shot up to just over the 100 days mark in November. We were seeing a sharp drop in DOM as supply dwindled in October in Northwest Denver. It would be safe to say that our rebound in average DOM was due to many potential buyers sitting things out on the sidelines to see if things were going to get worse rather than better with our market and the country in general.

We will post the December stats and graphs shortly. In some ways this will be instant gratification inseeing the trend from one month to the next so quickly. And last but not least, teh disclaimer:  All data is courtesy of Metrolist, Incorporated. Metrolist does not guarantee nor is in any way responsible for its accuracy.