Comments from the Broker
Just over a year ago, the popular commentary in Denver was 2004 would not be a very good year. Perhaps 2004 was not a great year in Denver real estate, but it wasn’t bad either. Since the 2001 job loss debacle, sales have remained steady in Denver and prices have gradually risen. Taking a look at the simple comparisons shown below, it is obvious that the number of listings (properties placed on the market by Realtors) has remained stable over the past three years, with sales increasing by over 6,000 units in 2004 over 2003, and gross average prices just under $266,000.
Builders did well locally also, a subject I will discuss further next month.
| 2002 – Total Units Sold: 47,919 | Average Price: $244,450 |
| 2003 – Total Units Sold: 47,966 | Average Price: $253,699 |
| 2004 – Total Units Sold: 54,012 | Average Price: $265,799 |
While it is true interest rates have contributed greatly to the local market’s well being, a slow but steady job recovery has stabilized the local economy. Nationally, the adjusted gross sales will be just under 7,000,000 units, over 900,000 units more than 2003.
The media predictions locally for 2005 are: 1) the market will do better, and/or 2) the market will do worse. Short of a national or worldwide economic crises, the market will most likely roll along just as it has in the past 3 years, with a moderate increase in value of 4-5%, and slightly less units available than last year.
Larry D. McGee, CRS, CRB
President, Principle Broker
The Berkshire Group, Realtors
A Denver Colorado Real Estate Company
About the Author
Kristal Kraft
Kristal has been helping buyers and sellers in Colorado since 1984. She enjoys sharing her knowledge of the Metro Denver Real Estate market via blogging and in person while driving around the beautiful Rocky Mountain town of Denver! For fun, Kristal enjoys shooting things with a Canon. Visit Denver Photo Blog
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Kristal Kraft
One Comment
We are in the remodeling business. Our best partners are Realtors. I’m working on building my network here. Being new to the Denver area has it’s challenges. One statistic I need in my research is what is the average amount of listings that expire each day or week?
Thank You