Denver-area homes prices fall 3.1% in Nov.
The Rocky Mountain News Reported today on home prices:
Home prices in the Berkshire area fell by 3.1 percent in November compared with November 2006, ranking it No. 7 out of 20 top markets in the country, according to a national report released Tuesday.
The S&P/Case-Shiller Home Price Indices showed the average one-year change in November for all 20 markets was a 7.7 percent loss, more than twice the Denver-area drop.
From October to November, the Denver- area market fell by 2 percent, compared with a 2.1 percent overall drop in the year-ago period. And from September to October, Denver-area prices fell by 1.7 percent, slightly worse than the 1.4 percent for the 20 cities.
Larry McGee, president of the Berkshire Group, said he found the year-over-year report encouraging and consistent with earlier local reports.
While Metrolist data for the entire year showed about a 2 percent drop in prices from 2006 for the Denver area, the S&P/Case Shiller analysis uses a different methodology.
McGee said most experts agree that “because Denver did not have the big run-up in prices, there is no reason to think we are going to have a big ‘run-down,’ ” like other formerly hot markets across the country.
McGee predicted that “sales are going to be OK this year but not fabulous. And that is not all bad.”
The overall national home market is not pretty.
“We reached another grim milestone in the housing market in November,” said Robert J. Shiller, chief economist at MacroMarkets LLC.
“Not only did the 10-city composite post another record low in its annual growth rate, but 13 of the 20 metro areas, each with data back to 1991, did the same. Eight of these (metro areas), in addition to the two composites, have had more than 12 consecutive months of falling prices. Fourteen of the 20 (areas), in addition to the two composites, recorded their single largest monthly decline on record in November.”
rebchookj@RockyMountainNews.com or 303-954-5207
The Denver Group compiled statistics in graph format. Looking at the actual numbers demonstrates the Denver MLS market isn’t in as bad a shape as one might expect!
A few points to ponder:
The Metro Denver resale housing market was better in 2006 and 2007 than perceived.
- The graphs demonstrate the available resale housing inventory, homes sold, and the absorption rate in the Metro Denver real estate market for 2005, 2006, and 2007.
- The absorption rate is the number of weeks it will take to sell the available inventory at the current rate of sales, with no additional inventory coming to the market.
- The absorption rate improves as the sales increase in the warm months from March to October.
- The market for 2006 and 2007 were very similar with regard to sales, while available inventory was less in 2007 than 2006.
- As home builder inventory decreases, the existing inventory sales will incre4ase and Resale inventory will continue to decrease.
- The number of foreclosed properties did not have a noticeable effect on available inventory, total sales, or the absorption rate in 2006 and 2007.
The graphs were developed from information suppplied by Metrolist, Inc, the Metro Denver real estate provider.
mushroom house
If you are in the market for a home with character (who isn’t?) you will enjoy seeing this charming home that took 22 years to develop or shall we say "grow?" The Mushroom house in Whistler, Canada is a unique piece of living art.
The Mushroom House basks in pure sunlight. The external design of The Mushroom House was inspired by
the glacial rock formations found in Emerald Estates. As the home took shape, fascinated onlookers dubbed it The Hobbit House, Bedrock, and finally, The Mushroom House.
The website itself is pure genius. Be sure to take a few minutes exploring the links of the flash site. I love the sauna with hand-laid mosaic and raised heated marble lily pads! What more can a girl ask for?
Home is listed with Christopher E. Moore and Christies’ Great Estates/Windermere. If you love it and buy it, tell ‘em kk sent you!
And the price? Ah! You know what they say, "If you have to ask, you probably can’t afford it!" Besides I don’t know. 
Lessons learned
This past week I had the pleasure of attending Inman Connect a real estate conference in New York City. In addition to hearing top industry professionals, I got to meet blogger friends I have been chatting with for a couple years.
New York is a wonderful, colorful city, a perfect place for a people watcher like myself. I thoroughly enjoyed just being there.
As my colleagues and I roamed the town we would joke about being tourists. Yes, we obviously were tourists with our unpurposeful stride and the ever-present cameras hanging from our necks. Or maybe it was my constant looking up toward the skyscrapers while trying to take in the contents of every dressed store front.
Whatever it was, we (my friends and I) were marked; green, tourists.
My first clue came when I took out the iPhone to capture this guy who was walking around with a cat on his head. I tried surreptitiously to shoot him, but him being all eyes caught me and moved. He then capitalized on the moment by asking me if I could spare a buck for him and the kitty. Feeling foolish, I grubbed up a buck and then asked if he’d pose so I could get a better photo. After all how often does one see a cat on the hat like this?
On the way to a party we were having trouble figuring out west/east or whatever. During the course of conversation between us friends, a passer-by shouted out the directions, "46th is one street over! Hey buddy can you help me out with a buck or some change?"
Now this was not your ordinary street person, this was a young lady just passing by. I rolled my eyes as Brian Brady dolled out a dollar.
The next day I was alone and in need of a break. At Starbucks I got a Chai and sat down at a table without first properly putting my change away. A guy at the next table saw my bills and asked, "hey lady can you help me out with a buck?"
This time I got annoyed. The Jersey girl in me told him, "hey buddy, get a job!"
OK, so that was a get tough response, I felt bad but I didn’t give in. The whole episode made me think about what was going on here. These folks were just asking. If they asked at least they had a chance at getting what they wanted. I suppose it’s better than never asking at all.
How many times do we get frustrated because we aren’t getting what we want out of life? If you want something, just ask. What’s the worst that can happen?
think twice
This time of year it is fun to get out with the kids and pets to enjoy the winter wonderland around us. Just as a reminder, please remember how dangerous Colorado lakes and ponds can be. Our temperatures vary so much between day and night, many times a lake may appear to be frozen solid, but is not.
Every year people lose their lives because they misjudged the thickness of the ice. Earlier this year a young woman went onto the ice to save her pet. She died trying.
Please, please keep the kids and pets in tow. Have fun and be safe.
Today’s photo was taken at Prospect Park where the Firemen were practicing how to save folks who fall through the ice. They certainly have a chilly job.
This site brought to you by Kristal Kraft, a licensed Colorado Real Estate Broker