Northwest Denver Market Statistics for March 2009

And now for a look at the Northwest Denver market Statistics for the month of March 2009. 

Some general info regarding our statistics: all data is courtesy of Metrolist, Incorporated. Metrolist does not guarantee nor is in any way responsible for its accuracy. Aside from the disclaimer, we are looking at residential statistics for the DNW (Denver North West) market area within Metrolist’s system. Residential properties can be detached single family residences, duplexes, or triplexes. Anything with more than three units or a HOA (home owners association) isn’t going to be captured here. We’ve put together a list of the actual sold properties for your reference as well.

Average Net Sales Price                                 

As you can see below we’re back on the upswing from February’s low point and just above last August’s peak for the 2008 calendar year. While we will continue to watch and post the monthly data as it becomes available it might make sense to look more at this statistic from a year over year perspective than a month by month perspective. From March 2008 we are up almost $30,000 in average net sales price for March 2009. We hope that the typical price trend of years past continues as we enter the strength of the spring and early summer selling season. We would view it as a noteable event if we could somehow break through the ceiling that seems to have been set from both August 08 and January 09.

Number of Properties Sold

More positive news on this front. In our opinion getting the number of properties sold each month back up to or within striking distance of the 2008 figures would be a more significant sign of recovery than escalating sales prices and low sales volume. It appears that we are on our way to bridging the gap. This graph may well be the best visual representation of the local market conditions we’ve been facing in Northwest Denver. Things were cruising right along through August and then all hell broke loose. It appears that our bottom may have been February and we’re moving back up but April’s data will be pivotal.

Distribution of Properties Sold by Price Range

We’ve seen a bit of a shift back to the more typical distribution in this area for March 2009. While there are still some low end sales, there have been an equivalent number of high end sales. As is typical, the $200k to $300k price point is the lion’s share of our sales.

Average Days on Market

Nothing huge to report in this department. With no real trend for the last few months we aren’t going to jump to any conclusions for what the future might hold. We are holding below 100 days on market which is about the average for the Front Range as a whole so that’s good.