Northwest Denver Market Statistics for May 2009
Thursday, 18 June 2009 by Dave
And now for a look at the Northwest Denver market Statistics for the month of May 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
After taking a bit of a dive in April, we’re creeping back in the positive direction for average net sales price in May. Again, we’re very close to where we were this time a year ago as a market. Watching DNW as a whole I’ve become even more convinced that you need the expertise of a local realtor to know what’s really going on with your home. In the CMA’s (comparative market analysis) we’ve been preparing for sellers as of late, there is definitely segmentation within DNW right now. Just assuming that your home is worth what it was a year ago based on this graph above isn’t going to cut it. You have to have a baseline, however, and the graph above is what we watch on a monthly basis.
Number of Properties Sold
At least we’re seeing a trend here. The graph is moving as it usually does at this point in the year but as you can see, we’re still lagging in sales by about 30% from this time last year.
Distribution of Properties Sold by Price Range
As the sales volume has risen, the concentration of homes in the sub $300k range selling has increased. This has always been the core of our market but the tax credit is pushing the demand higher and many first time buyer’s can’t afford the higher priced homes on the market in DNW. We are suspecting that there is a bit of a bubble in demand for these homes right now and can attest to having been in numerous multiple offer situations recently on such properties. With mortgage rates pushing a bit higher as of late I’m thinking we’ll avoid anything too drastic but it’s worth watching as we move closer to the December 1st deadline for the tax credit.
Average Days on Market
Can’t make too much sense out of this one at the moment. As I mentioned previously, the lower end of the DNW market is moving pretty quickly. I’m guessing the average days on market is rising due to the many high end homes that have been sitting for a while. We’re still under the 100 day mark but just barely.
