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