Let’s review Denver Economic pluses from last month’s news:
- Denver ranks first on Pew Survey as the nation’s most desirable place to live.
- In 2008, 54% of all residential moves were inbound to Colorado.
- The quarterly Market Risk Index from PMI Insurance ranked Denver among those areas with the least risk of a decline in property values.
- Metro Denver’s office and industrial commercial markets are still outperforming the rest of the ntion, and restraint on building the past few years has and will continue to help Denver avoid serious loses in the commercial sector.
- As a % of the total, sales under $200,00 were up in 2008, while sales of homes priced over $200,000 were down:
Percentage changes as a Percentage of Sold Properties by Price Range – January 2008 to January 2009:
- Under $50,000 – up 142%
- $50k – $109,999 – up 65%
- $110k – $199,9999 – up 6.7%
- $200k – $299,000 – down 19.6%
- $300k – $499,999k – down 14.7%
- $500k - and over – down 38%
In January, the areas with most activity (100+sales)
|Residential Area||Average Sold Price|
|Denver North East||$151,847|
|Denver South East||$408,800|
|Denver South West||$111,596|
|North Suburban Central||$161,000|
Condo market leads in DSE with average sales price of $164,836.
- Resale inventory remains very low, with 19,768 residential properties available for sale at the end of January, almost 20% less than at the same time last year.
- Prices are off from the peak in 2007 as much as 35% in some neighborhoods, interest rates are very attractive at just over 5%. The current pace of slow sales is not an issue of high prices or high interest rates, but a lack of confidence in the economy caused by job losses and political drum pounding.
About the Author
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