Tuesday, February 15, 2011

2011 Denver Metro Trends

As a quick recap, last month (January 2011) total combined MLS Residential Statistics in the metro area (from the mountains to Aurora, and Fort Lupton to Lone Tree) had the following changes compared to January of 2010:

  • Decrease in the Number of Closed Sales to 1,724 (down 6.4%)
  • Average Days on Market increased to 120 days
  • Number of Active Listings increased 5.2% to 13,714
  • Absorption Rate increased to 8.1 months (up 21.4%)
  • Average Sold Price increased (up 6.7 % from $260,530 to $277,922)

Beware though, that each price range differs dramatically. Here are the Months of Inventory stats (months of inventory are the number of months it would take for all the properties on sale right now to be sold at the current rate they're selling at right now). Below 6 months is considered a "Seller's market", and we're seeing that houses are selling at almost lightning speeds under $210,000, and average up to $315,000. Colorado is different than the rest of the nation! 

$0-$85,000            1 month of inventory
$85k-$135k          2.4 month of inventory
$135-$210           2.6 month of inventory
$210-$315           6 month of inventory
$315-$460           6.9 month of inventory
$460,000+           15 month of inventory

And if you take short sales (which are very long sales) out of the mix, the month of inventory are even LESS.