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Denver Rebound | Fewer unsold homes on market

Is the real estate market in Denver on the rebound? If the unsold homes number is any indication the six-year slow down might be the start of a legitimate recovery. The 5.4 % drop in unsold homes in July is the largest decline this year. All indications including average home prices for July show that there are definitely fewer unsold homes in the Denver Metro market.

According to local industry experts the two most significant stats in the report is the drop in inventory currently on the market and also the drop in unsold home prices. The average single-family home price changed from $334,833 to $316,024 representing a 6% change from June numbers to July.

The interesting fact is due to the quantity of foreclosures on the market the prices did not go up which is normally expected when the inventory numbers drop as stated. There were just over 30,000 unsold homes on the market in July of this year compared to over 31,000 unsold homes in July of 2006, according to local Realtor groups. Foreclosures have had a large impact on the lower end of the market and the markets current pricing figures as well. As stated in one of our company’s recent articles there was a large auction of almost 300 homes sold at a recent Denver area auction.

In our recent Denver real estate market we had too many homes on the market making it more difficult for sellers to sell their properties in a reasonable period of time. This change in inventory should be a healthy sign for the local market and encourage people to continue to want to sell their homes only when they absolutely have to sell. So as the market improves it will encourage sellers to list their homes when we begin to see an upturn.

The market is still a bit sluggish but is showing signs of a rebound represented by the recent decrease in the number of unsold homes on sale. There are still other things like the recent sub prime lending issues holding the market back but we are seeing signs of strengths in certain specific market numbers. For example, the average condo price in northwest Denver recently jumped in July to about $312,538, which was about a 49% increase from July of 2006. So these figures are encouraging and hopefully we will see a steady increase in the Denver market in general with the help of these new unsold homes numbers dropping in July.

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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5 Responses to “Denver Rebound | Fewer unsold homes on market”

1. Jack Lusby Says:
   January 13th, 2010 at 9:56 am

   Thank’s 4 The Great Post!! Foreclosure List

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