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Colorado Real Estate | Q4 2007 Performance

The average home price increased over the period from 2005 to 2006 in the Denver Metropolitan market according to recently published data. Home prices went up about 2 percent from 2005 to 2006 with some different results reported in 2007.

In 2007 the average home priced dropped 2 percent from an average of $317,000 to an average of $311,000. At the same time the average foreclosure price dropped 3 percent to an average foreclosure home price of $188,000. Foreclosure and short sale home inventory increased in sales volume as mush as 31 percent in 2007. These are great signs for buyers but a bit more distressing for home sellers.

The data suggests considerable variances in home sales depending on which Denver Metro neighborhood you examine more closely. For instance the Coyote Creek neighborhood in Highlands ranch reported over 330 homes sales in 2007. In contrast a neighborhood called Shadycroft had only 35 home sales in 2007. The numbers suggest price levels and community amenities can greatly change the resale value of homes in the Denver Metropolitan area. Another area in Highlands Ranch called Saddle Ranch sold 174 homes in 2007. The numbers are likely directional and relevant to specific neighborhoods. Contact Legacy Real Estate Brokers Inc. to get updates and specific real estate numbers for your particular neighborhood.

Tom Reed and Bill Brown are local authors and real estate experts of Legacy Real Estate Brokers Inc. in Denver Colorado. You can visit their website at www.discovercoloradorealestate.com.
 

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