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)

Single Family +5.52%
Condo +1.18%
Average +5.49%
Total Combined Number of Homes for Sale Dec. 2004 - 20,891
  Nov. 2004 - 24,533
  Dec. 2003 - 21,623
   
Percent of Change in Available Inventory:
(Dec. 2004 vs Dec. 2003)
-3.39%
   
Number of Combined Homes Sold this Month Dec. 2004 - 4,416
vs. the previous month Nov. 2004 - 4,199
vs. the same month last year: Dec. 2003 - 3,585
   
Average days on Market - Dec 2004 vs Dec 2003 Dec. 2004 - 89.75
(combined sales) Nov. 2004 - 85.06
  Dec. 2003 - 87.71
   
Absorption Rate: Dec 2004 - 20.50 weeks
(number of weeks necessary to sell current Nov. 2004 - 25.32 weeks
combined inventory at current rate of sales) Dec. 2003 - 25/14 weeks
   

Prepared byLarry D. McGee, CRS, CRBThe Berkshire Group
From data provided by Metrolist, Inc., does not include private or builder sales.