Nov 11, 2011

November 2011 Denver Housing Report

The average home price dropped again last month while condos rose ever so slightly.  Transactions were also down, overall. 

There doesn't appear to be anything too unusual with the stats this month, other than we are now officially in a seasonal decline heading into the holidays.  Although sales for single family homes has steadily declined for two months now, this is fairly typical for this time of the year.  The good news is that the Denver real estate market is actually behaving like we'd expect, compared to last year where the bottom dropped-out for the entire second half of the year after the federal tax credit expired. 

Sales for condos and townhomes has also declined this month, and we lost approximately 26 sales over the previous month.  But, surprisingly, average condo prices have held steady. Note - I didn't publish all the stats for condos and townhomes, but if you'd like them just drop me a line.  I'll send you a copy.

My biggest concern is active listing inventory.  If you've been following my comments this past few months, I've been talking about our steadily declining active listing inventory.  Over the past 30 days alone, we've lost another 9% of that active inventory, in spite of the fewer sales this time of the year.  If the trend continues into the new year, and low-priced homes continue to be the hot commodity, we'll begin to see bidding wars for what little is available in the price ranges under $300,000. In saying this, however, I suspect banks who've reportedly been hoarding foreclosure inventory will begin releasing that inventory again soon.  We'll see.

More updates to come soon,

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