Wednesday, July 29, 2009
Tuesday, July 28, 2009
Denver Business Journal - by Mark Harden
Home prices in Denver rose in May for the third consecutive month, and the city scored the second-lowest year-over-year price decline of the 20 cities included in Standard & Poor's closely watched S&P/Case-Shiller Home Prices Index.
Released Tuesday, the index reveals how 20 cities are faring as the economy continues to batter the residential market.
Home prices in Denver rose 1.3 percent in May from the previous month, according to the index report. That follows a 1.5 percent rise in April and a 0.1 percent gain in March.
Denver prices fell by 1.7 percent in February and 2.7 percent in January.
Among the 20 cities in the S&P/Case-Shiller index, Cleveland saw by far the greatest month-to-month home price rise in May, 4.1 percent, followed by Dallas (1.9 percent) and Boston (1.6 percent). Denver was tied for the fifth-highest month-to-month price increase in May.
The greatest month-to-month price decline among the 20 cities was in Las Vegas (down 2.6 percent).
Denver home prices fell 4.6 percent in May from the same month in 2008, the index shows.
That's the second-smallest drop of the 20 cities in the index, bested only by Dallas' 4.1 percent year-over-year decline. Boston was No. 3 with a decline of 7.2 percent.
At the other extreme, home prices plummeted 34.2 percent in Phoenix between May 2008 and May 2009, the index showed. Other big year-over-year losers were Las Vegas (32 percent), San Francisco (26.1 percent) and Miami (25.2 percent).
The 20-city composite index shows home prices were up an average 0.5 percent in May from the previous month, and down 17.1 percent since May 2008.
Nationwide, "the pace of descent in home price values appears to be slowing, ... [but] we likely do have a way to go before we see sustained home price appreciation," David Blitzer, chairman of the Index Committee at Standard & Poor’s, said in a statement.
The index is compiled by comparing matched-price pairs for thousands of single-family homes in each market. It is published by Standard & Poor’s and Fiserv Inc.
FirstAmerica CoreLogic home-price report, released July 22, also showed Denver outperforming the nation on home prices.
Forbes: Denver is America’s best city to buy a home
The report ranked the 25 largest U.S. metro areas on the basis of change in price per square foot, frequency of real-estate transactions, and how evenly distributed home-sales activity is in a metro area.
“Denver tops the list,” Forbes said. “It had 25 percent of its property sales occur within approximately 25 percent of the city’s ZIP codes. This means sales in various parts of the city were fairly evenly distributed, showing proportionate activity. The further a city deviates from the 25 percent mark, the less evenly distributed the market is in that city, and thus the lower that city ranks.”
Forbes also determined that average price per square foot of housing space increased 5.7 percent in Denver between February and March of this year, and that transactions decreased 8.4 percent between March 2008 and March 2009, less of a drop than many cities.
“Denver scores very well in terms of being able to bring people into a stable housing market,” the magazine quoted Moody’s economist Christopher Cornell as saying. “It has better growth potential than most cities today.”
From The Denver Business Journal http://denver.bizjournals.com/denver/stories/2009/06/22/daily46.html
Monday, July 27, 2009
Friday, July 24, 2009
Wednesday, July 22, 2009
Tuesday, July 21, 2009
Every neighborhood in Denver and metro is different. Location really does affect everything.
Explanation: the map is color coded according to what neighborhoods are depreciating (red) and which ones are appreciating (green), from comparing the most recent 12 months with the previous 12 months to get an apple-to-apple comp. Also included is the average sold home price, percentage of foreclosures of all sold homes in the last 12 months, & the average days on market for each neighborhood.
Need a map for a different area? Just let me know.
-Only at Your Castle (= very nerdy)
Monday, July 20, 2009
City -Average Sales Price-Months of Inventory
2) A growing population
3) Good weather
4) Lots of 1st time home buyers - the most important people in market place
5) No overbuilding of condos or office spaces (not happening in Denver)
6) Vital downtowns
7) Well-educated population
8) Large number of foreclosures early - those cities that went down first usually come out first.
The June Market Statistics for the Metro Denver are out. As you can see sales are still strong in Denver. There were 3,328 closings in June, and 15,432 closings year-to-date for 2009. The average sold home price in the entire Metro area is $283,312, only $3,575 less than the average sold price this time last year. That is only 1% less...an extremely marginal percentage in light of what other cities are going through.
Although there are a bit fewer closings in 2009 than 2008, there are 4,315 fewer listings now than in June 2008. That makes the absorption rate (absorption rate just means the number of months it takes to sell all the homes on the market at the current buying pace) only 4.7 months now, vs. 5.3 months one year ago...houses are selling like hotcakes in Denver, especially under $250K.
Check out this PDF for details of whatever area you are interested in: