Denver Real Estate Sales Statistics - December 2004
Metro Denver home sales hit a record in December 2004
Overall appreciation came in at 4.3% for single family homes, while condos only increased 1.9%.
The biggest change this month comes from the inventory that is being depleted. We have 3.1% less on the market this month than the same time last year. If the inventory continues to drop, we could see a change in the market to favor sellers instead of buyers.
The lack of inventory also affects the absorption rate which is now at 20.50 weeks. This means if a home owner is putting a home on the market, it will take 20.50 weeks to sell (assuming no other homes come on the market). Of course this figure is the average.
Homeowners who price their home based on the current market and make a sincere effort to stage the property will find their home selling much sooner.
Metro Denver, Colorado; Home Sales for December 2004
Metro Denver Prices:
| Single Family Average Price: | Dec. 2004 - $288,818 |
| (Detached Dwelling) | Nov. 2004 - $289,934 |
| Dec. 2003 - $273,700 | |
| Condo Average Price | Dec. 2004 - $184,189 |
| Nov. 2004 - $182,445 | |
| Dec. 2003 - $182,034 | |
| Combined Average Price | Dec. 2004 - $265,717 |
| Nov. 2004 - $265,890 | |
| Dec. 2003 - $251,890 |
Percent of Sales Price Change: (from Dec. 2003 to Dec. 2004)
Prepared byLarry D. McGee, CRS, CRBThe Berkshire Group |
Denver Art Museum
Every chance I get, I drive by the new art museum building. It’s exciting to witness the changes and progress on a weekly basis. Today’s photos are taken from 14th Street and the Denver Public Library.
The thumbnail photos of the museum will enlarge when clicked.
Hiking in the Canyon
Denver is so well located for outdoor activities. It’s close to the Rocky Mountains so hiking in the foothills is an activity that can be enjoyed within a few minutes drive.
The day after Christmas, our temperatures were at 60 degrees. The sunshine was warm at mid-day, warm enough to hike up the canyon without a heavy jacket. We did see a few shirtless joggers…but most folks were in vests or lightweight jackets.
Much to our delight, a herd of Big Horn Sheep came down the canyon to greet us. One in particular must have been expecting a treat, as it was rummaging in my daughters pockets!
The rest of the group were busy climbing the wall of the canyon. It was an amazing site to watch.
Denver day trips like this one are most enjoyable. Waterton Canyon is a scenic hike/bike/jog trail located south of E-470 and Wadsworth. Go toward the Lockheed Martin Astronautics, turning southeast onto Waterton Road.
(OK, my daughter is bundled up more than others because she’s been living and teaching in Mexico. To her 60 degrees is chilly!)
Colorado’s Population Growth is Slowing Down
Population growth in Colorado has slowed this past year, but is still significant enough for Colorado to rank #14th. Considering the state has been in an economic slump, the numbers indicate that Colorado is a popular destination state for relocation.
Throughout the 1990’s and into 2002, Colorado consistently ranked among the fastest growing states in the United State. The growth ended in 2003 with the state loosing almost 150,000 jobs.
The slow down is a relief for many counties who have been struggling to keep pace with the growth.
Fastest Growing States in the U.S. |
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| State | July 1, 2004 | July 1, 2003 | Gain | % |
| 1. Nevada | 2,334,771 | 2,242,207 | 92,564 | 4.1 |
| 2. Arizona | 5,743,834 | 5,579,222 | 164,612 | 3.0 |
| 3. Florida | 17,397.161 | 16,999,181 | 397,980 | 2.3 |
| 4. Idaho | 1,393,262 | 1,367,034 | 26,228 | 1.9 |
| 5. Georgia | 8,829,383 | 8,676,460 | 152,923 | 1.8 |
| 6. Texas | 22,490,022 | 22,103,374 | 386,648 | 1.7 |
| 7. Utah | 2,389,039 | 2,352,119 | 36,920 | 1.6 |
| 8. Delaware | 830,364 | 818,166 | 12,198 | 1.5 |
| 9. North Carolina | 8,541,221 | 8,421,190 | 120,031 | 1.4 |
| 10. New Mexico | 1,903,289 | 1,878,562 | 24,727 | 1.3 |
| 14. Colorado | 4,601,403 | 4,547,633 | 53,770 | 1.2 |
Fastest Growing since 2000 Census |
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| State | July 1, 2004 | April 1, 2000 | Gain | % |
| 1. Nevada | 2,334,771 | 1,998,257 | 336,514 | 16.8 |
| 2. Arizona | 5,743,834 | 5,130,632 | 613,202 | 12.0 |
| 3. Florida | 17,397.161 | 15,982,824 | 1,414,337 | 8.8 |
| 4. Texas | 22.490.022 | 20,851,790 | 1.638,232 | 7.9 |
| 5. Georgia | 8,829,383 | 8,186,816 | 642.567 | 7.8 |
| 6. Idaho | 1,393,262 | 1,293,956 | 99,306 | 7.7 |
| 7. Utah | 2,389,039 | 2,233,198 | 155,841 | 7.0 |
| 8. Colorado | 4,601,403 | 4,302,015 | 299,388 | 7.0 |
| 9. North Carolina | 8,541,221 | 8,046,491 | 494,730 | 6.1 |
| 10. California | 35,893,799 | 33,871,653 | 2,022,146 | 6.0 |
Colorado Foreclosures Year End Update
Good news, bad news for Colorado in the foreclosure department. The rate of foreclosures in the state dropped in the second quarter of this year, but inched back up in the third quarter.
Overall, Colorado is below the national average for foreclosures.
The loans going into foreclosure are the risky non-prime loans.
Seasonal Humor
Cute site for those in need of a smile!
Time to move?
Ready to relocate? Is your transfer pending? Relocation to Denver or any other city is a little bit easier when you have the right supplies. Check out the "moving boxes" generator…how many moving boxes do you need?
Moving Boxes and Packing Supplies
Westminster Announces New Mall to be Built
Westminster is developing a new mall located at I-25 and West 144th Avenue, to feature 1.1 million square feet of shops, restaurants and entertainment. Additionally, there will be office space and 500 residential units.
The mall will be named, Orchard. The two national tenants to become Orchard’s anchor stores are Foley’s and J.C. Penney. Additionally, AMC will build a 12 theater complex at the site.
The developer, Forest City is also responsible for the popular Stapleton neighborhood at the site of Denver’s former airport and the southeast Saddle Rock Village mall in Aurora.
Fashioned in the popular new urbanism design, the architecture of Orchard will be an eclectic mix spanning the years between the late 19th and early 21st century. The retail area will be reminiscent of main streets in small towns of the early 20th century.
Residents of the northern corridor will be pleased to know construction for Orchard will begin in April of 2005 and be completed within 3 to 5 years.
Building permits growing
Denver metro area home builders have pulled 20% more permits through October, than the same period last year.
| Permits through October | |
| Year | Permits |
| 2004 | 18,867 |
| 2003 | 15,754 |
| 2002 | 18,508 |
| 2001 | 25,343 |
| 2000 | 22,837 |
| 1999 | 21,835 |
| 1998 | 23,732 |
| 1997 | 19,956 |
| 1996 | 16.771 |
| 1995 | 15,473 |
| Source: Home Builders Association of Metropolitan Denver, Includes single-family homes, condos/town homes, duplexes and apartment units. |
Study: Colorado needs 1.3 million homes
Population Growth will spur demand
Colorado needs more than 1.3 million new homes and more than 1.7 million square feet of office and retail space to keep up with anticipated population growth between now and 2030, according to a new study.
The report, released Monday by the Brookings Institution, in part challenges local leaders to promote growth that is more compact, energy-efficient and "walkable."
It says the best residential real estate investments over the next 25 years will be those near offices, shops and mass-transit lines.
The West is expected to grow faster than any other region, with Colorado’s population forecast to jump from 4.3 million in 2030.
The state is ranked sixth in housing demand and ninth in demand for commercial and institutional space.
Colorado has 1.8 million homes, but the study said 340,000 of those will be torn down over the next three decades.
According to the study’s projections, builders would need to construct 52,000 homes a year for the next 25 years. The 2005 Colorado Business Economic Outlook says builders are expected to pull permits for 44,000 homes this year and another 44,000 homes next year.
"That’s good news, but I have a hard time seeing those levels sustained over 25 years," said Don Gendall, director of business development for The Weitz Co. a commercial and residential construction firm in Denver.
Gendall said he was not surprised to see the study’s projections for office space. He said the past five years have seen relatively small amounts of new retail and commercial space.
Developers are likely to direct much of the new growth to northeast metro Denver, said Jeff Willis, vice president of land acquisition development and sales for Shea Properties.
"You’re limited in terms of what you can do in the northwest and southwest because of physical and political borders," he said. "Water rights and infrastructure are also limiting factors" that help prevent sprawl.
Source: Rocky Mountain News/Associated Press
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