Real Estate Market Statistics for Metro Denver October 2011

Metro Denver Real Estate Statistics and Trends by Zip Code – October 2011

Denver Real Estate Market Report

The Berkshire Group REALTORS® present the latest real estate market statistics for the month of October, 2011. These easy to read band charts will give you a real estate market update for the various quadrants of the Metro Denver market. If you are thinking of buying or selling a home, please call us for a more in-depth market report for your neighborhood.

Knowledge is power, knowing what the market is doing is the first step.

The easily read band graphs provide the following information:

Number of Sold Properties in each MLS region
Number of Active Listings
Number of weeks of inventory
Average Sold Price
Average Days on Market (DOM)

Note the color coded band that indicates what type of market each area is typically considered to be in. High inventory means an extreme BUYER’s market. A low inventory of homes available for sale indicates an Extreme Seller’s Market.

Inventory at a Low Level

The Berkshire Group has been tracking Denver Real Estate Statistics since the company started in 2003. The current inventory has never been this low since we began. Another source stated our inventory is the lowest it has been since 2000.

What does this mean to you? If you are a seller, there is less competition. Less competition means your value should be higher, supply & demand will help your case, as long as your home is in good condition and made available to the consumer to see.

If you are a buyer, you may find less homes to look at. It is likely that when you find a really good home, you will need to act quickly or prepare to be disappointed when someone else beats you to it. Buyers need to be ready to buy, armed with a loan in place or nearly so. Buyers who believe they can “steal” a home by making low offers, may quickly learn this is not necessarily so. I’m referring to homes that are not distress sales, i.e. foreclosures and short sales.

Low Inventory, Season Not the Reason!

Many may try to make the case the inventory is lower due to the winter months approaching. Typically our inventory is low during this time, but at present the inventory is 35% lower than last year at the same time. Homeowners are staying put, waiting for the market to improve.

Northeast Region ~ Metro Denver Real Estate trends

The Northeast Region encompasses Aurora North, Brighton/Fort Lupton, Denver Northeast, East Suburban North, N Northeast Suburban, North Suburban Central and North /Suburban East, we are in a “normal Seller’s Market” with the exception of the N Northeast Suburban area which is experiencing a “balanced market”.

real estate activity in Northeast Suburban Denver - October 2011

Denver Real Estate Statistics Key Absorption Rate

Northeast Suburban took all the records in the Denver Metro area last month. This area has the most affordable housing (average $161,115), with the least days on market (DOM 89) sold the highest percent of the listings at 26%.

Buyers have obviously found the prices and the area to be very attractive and they are buying homes in Northeast Suburban of Metro Denver!

Southeast Region ~ Metro Denver Real Estate Trends

This band chart covers Aurora South, Denver Southeast, Douglas/Elbert/Parker, Douglas/Highlands Ranch/Lone Tree, East Suburban South, South Suburban Central, South Suburban East.

Real Estate Sales, Listings, Absorption Rate for Southeast Suburban Denver - October 2011

The Southeast area continues to lead the Denver Metro region in Average Sale Price ($306,161). The DOM – Days on Market is 97, the area sold 21% of the listings last month. Good schools, close proximity to Downtown Denver, Denver Tech Center and Inverness Business Park make this area highly desirable.

Southwest Region ~ Metro Denver Real Estate Trends

The band chart of Southwest Metro Denver encompasses both close -in suburbs, the foothills and Mountain communities of Denver Southwest, Douglas County West, Jefferson South, Jefferson South Central, Mountain Conifer Pine, Mtn Evergreen North, Mountain Evergreen South and Mountain Jeffco Central.

Southwest Suburban Denver Real Estate Trends, listings, sales October 2011

Average Days for sale on market Metro Denver Real Estate

Metro Denver Southwest area continues to see improvement. The area sold 18% of the listings (lowest in the area, but for the area an improvement) and the DOM – days on market is right at 100. The area has the second highest average price in the area at $295,455.

Northwest Region ~ Metro Denver Real Estate Trends

This large quadrant covers the communities in Broomfield, Denver Northwest, Downtown Denver, Jefferson Central, Jefferson North, Jefferson North Central, Jefferson West/Golden, Lafayette, Louisville, Mountain Jefferson North, N Northwest Suburban, North Suburban West and Superior.

Northwest Suburban Denver Real Estate market statistics - October 2011

Trends for Denver Real Estate Average Price

Northwest Metro Denver trends show an increase in Days on Market over last month 100 to 102. This area also saw 22% of their inventory sell last month.

Denver Real Estate Sales Statistics by Zip Code

Denver – City and County

Denver continues to be a popular place to purchase a home. The average DOM – days on market is a low 97 with overall average sale price of $266,175.

Questions about your neighborhood? Need more specific data on your home for either purchase or to sell? Feel free to call for more in depth reporting. Kristal Kraft 720-279-4599 I welcome your call.

Based on information from Metrolist, Inc. for the period of July 2011. NOTE: this representation is based in whole or in part on content supplied by Metrolist, Inc. Metrolist does not guarantee nor is in any way responsible for its accuracy. Data maintained by Metrolist may not reflect all real estate activity in the market content.

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