Aug 31, 2012

July 2012 Denver Housing Report (archived)

Average home prices saw another nice jump last month.  Condo prices were up slightly, too.  This marks the fourth consecutive month of double-digit gains in the number of properties sold, for the Denver- metro housing market as a whole.  

Such rapid leaps in average home prices around Metro Denver are mostly attributable to a greater number of 'higher priced homes' being sold.  About a week ago, I charted the effect of more and more higher priced homes being sold, in my monthly home price report.

The total number of homes sold has increased dramatically, and has almost doubled since February.  As a result, the market is extremely low on inventory.   Last month, it wasn't clear how we could continue to sell an ever-increasing quantity of homes, without corresponding increases in inventory.  Because the market did fortunately add more inventory, it resulted in more sales.  At this time, the market appears ready to absorb whatever is put into it, providing those properties are reasonably and accurately priced.  The market will reject homes that are not correctly priced, which will require adjustments before they are sold.

Take a look at the 7 colorful line graphs further below, and you'll see how Denver's housing market has trended into new territory in recent months, that we haven't seen for awhile now.   More to come soon!

Average Home Price & Solds Graphs

Average Home Price, Inventory, & Days-On-The-Market Graphs

Check Out Today's Interest Rates

Today's Interest Rates

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Originally posted at: Average Home Price And Trends Report.  Data provided by Metrolist. Graphs copyright© Michael Dagner Group. All information deemed accurate, but cannot be guaranteed. Image attribution - percent - www.sxc.hu

 

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Copyright © 2012, *July 2012 Denver Housing Report*, by Michael Dagner and www.DenverHomesOnline.com. All rights reserved.