September posted a 12.5% increase over last year in residential closings taking the streak to 4 months in a row.  Inventory levels are extremely low watch for the supply and demand factor to cause an increase in average sold price going forward.

Here is a bonus graph showing inventory levels and number of closing from 2006 to present.  If you would like this graph for any other mls area please let me know.

Click here for a larger size of this graph

Thank you for your continued support by selecting Land Title for your next real estate closing.

Just a reminder that you can always get the latest real estate stats for any mls area on my web site at JimRenshaw.com. This is link to a click-able metrolist map that has full reports for all areas.

September 2011 – Real Estate Market Update

Entire MLS (all areas)

Residential Highlights

• 12.5% Increase in closed sales year over year
• 33% Decrease in Absorption Rate (5.1 months)
• 28.4% Decrease in active listings (12,613)
• 3.4% Decrease in average sold price ($280,289)

Condo/Townhome Highlights

• 14.1% Increase in closed sales year over year
• 18.7% Increase in averages days on market (127)
• 3.3% Increase in average sold price ($159,980)

Full report of Entire MLS

Douglas County West (DCW)

Residential Highlights

• 12.8% Increase in closed sales year over year
• 17.4% Decrease in active listings (1,004)
• 24.6% Decrease in absorption rate (7.4 months)
• 3.5% Decrease in average sold price ($364,497)

Condo/Townhome Highlights

• 33.3% Decrease in closed sales year to date
• 54% Increase in average days on market (217)
• 16.7% Increase in average sold price ($207,940)

Full report of Douglas County West (DCW)

Residential Highlights

• 9% Decrease in closed sales year over year
• 32.3% Decrease in active listings (780)
• .2% Decrease in average sold price ($336,775)

Condo/Townhome Highlights

• 30% Increase in closed sales year over year
• 10.8%% Decrease in average days on market (74)
• 12% Decrease in average sold price ($126,784)

Full report of Douglas Elbet Parker (DEP)

Residential Highlights

• 7.5% Increase in closed sales year over year
• 33% Increase in average days on market (97)
• 34.5% Decrease in Active Listings (508)
• .2% Increase in average sold price ($362,978)

Condo/Townhome Highlights

• 20.8% Decrease in closed sales year over year
• 56.6% Increase in average days on maket (166)
• 10.7% Decrease in average sold price ($230,605)

Full report of Doulgas Highlands Ranch Lone Tree (DHL)

Based on Information from Metrolist, Inc. for the period Jan 2009 through present.Note: This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor is in any way responsible for its accuracy. Data maintained by metrolist, Inc. may not reflect all real estate activity in the market.

Residential Highlights

• 4% Increase in closed sales year over year
• 7.1% Decrease in closed sales year to date
• 26.1% Increase in average days on market (111)
• 15.5% Increase in active listings (13,941)
• 2.5% Decrease in average sold price ($274,625)

Condo/Townhome Highlights

• 4.6% Decrease in closed sales year over year
• 10.2% Decrease in closed sales year to date
• 42% Increase in days on market (131)
• 4% Increase in average sold price ($166,841)

Full report of Entire MLS

Douglas County West (DCW)

Residential Highlights

• 23% Increase in closed sales year over year
• 6.2% Increase in closed sales year to date
• 11.8% Increase in days on market (152)
• 25.9% Decrease in absorption rate (8.4 months)
• 6.8% Decrease in average sold price ($405,297)

Condo/Townhome Highlights

• 30.8% Decrease in closed sales year over year
• 4.8% Decrease in closed sales year to date
• 34.3% Increase in average days on market (90)
• 29.2% Increase in average sold price ($193,306)

Full report of Douglas County West (DCW)

Residential Highlights

• 16% Increase in closed sales year over year
• 1.2% Increase in closed sales year to date
• 20.7$ Increase in days on market (146)
• 11.5% Decrease in average sold price ($336,324)

Condo/Townhome Highlights

• 35%% Increase in closed sales year over year
• 23.3% Decrease in closed sales year to date
• 190% Increase in average days on market (154)

Full report of Douglas Elbet Parker (DEP)

Residential Highlights

• 13.3% Decrease in closed sales year over year
• 4.6% Decrease in closed sales year to date
• 26.7% Increase in average days on market (114)
• 10.8% Decrease in average sold price ($347,665)

Condo/Townhome Highlights

• 80% Increase in closed sales year over year
• 38.6% Increase in average days on market (122)
• 49.1% Decrease in aborption rate (4.4 months)
• 1% Decrease in average sold price ($274,834)

Full report of Doulgas Highlands Ranch Lone Tree (DHL)

Based on Information from Metrolist, Inc. for the period Jan 2009 through present.Note: This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor is in any way responsible for its accuracy. Data maintained by metrolist, Inc. may not reflect all real estate activity in the market.

Entire MLS (all areas)

Residential Highlights

• 25.3% Decrease in closed sales year over year
• 14.6% Increase in active listings (16,473)
• 56.8% Increase in absorption rate (7.7 months)
• 9.7% Increase in average sold price ($287,048)

Condo/Townhome Highlights

• 38% Decrease in closed sales year over year
• 12.2% Increase in days on market (110)
• 7% Increase in active listings (4,887)
• 76.9% Increase in absorption rate (9.4 months)

For full report of Entire MLS click here

Douglas County West (DCW)

Residential Highlights

• 11.9% Decrease in closed sales year over year
• 9.2% Decrease in days on market (138)
• 7.5% Decrease in active listings (1,153)
• 5.2% Increase in absorption rate (10.9 months)
• 14.9% Increase in average sold price ($436,548)

Condo/Townhome Highlights

• 25% Decrease in closed sales year over year
• 28.2% Decrease in average sold price ($152,632)
• 26.2% Increase in absorption rate (7.1)

For a full report of Douglas County West (DCW) click here

Residential Highlights

• 23.7% Decrease in closed sales year over year
• 9.8% Increase in active listings (1,091)
• 44.4% Increase in absorption rate (10.8 months)
• 3% Decrease in average sold price ($314,050)

Condo/Townhome Highlights

• 48% Decrease in closed sales year over year
• 10.6% Decrease in average sold price ($147,166)
• 20.4% Increase in active listings (112)

For a full report of Douglas Elbet Parker (DEP) click here

Residential Highlights

• 18.5% Decrease in closed sales year over year
• 4.6% Increase in active listings (688)
• 38.5% Increase in absorption rate (7.3 months)
• 3.7% Increase in average sold price ($355,143)

Condo/Townhome Highlights

• 40.9% Decrease in closed sales year over year
• 19.2% Increase in active listings (149)
• 10.1% Decrease in average sold price ($228,208)

For a full report of Doulgas Highlands Ranch Lone Tree (DHL) click here

Based on Information from Metrolist, Inc. for the period Jan 2009 through present.Note: This representation is based in whole or in part on data supplied by Metrolist, Inc. Metrolist, Inc. does not guarantee nor is in any way responsible for its accuracy. Data maintained by metrolist, Inc. may not reflect all real estate activity in the market.

Inventory levels (number of active homes on the market) continues to trend downward with January 2010 posting 13.4% fewer homes on the market than this time last year. You can really see the trend by comparing the level of listing inventory in January 2008 with 18,716 homes on the market to January 2010 with 13,030 homes on the market a 34% decrease.

Trend – Increase in average residential sold price

The average sale price has been slowly increasing in the overall Denver real estate market. September of 2009 was the first month that reversed the downward trend of decreasing sales price and since then we have had 4 straight months of increases in average sale price over the same period in 2008.  December of this year posted a 17% increase in average sold price over the same time last year.  I think this trend will continue and we will see a steady increase in average sold price for most of 2010. I believe this is being fueled by a very low supply of homes on the market.

Average Home Prices for Denver Colorado

In December of 2009 there where a total of 12,263 single family homes on the market.  This is 5,846 fewer homes on the market than in December of 2006.  In the greater Denver metro area we usually see a bell shaped graph with fewer listing at the beginning and end of the year but 2009 was flat. September of 2009 started a trend of decreasing inventory and in my opinion could fuel home appreciation for this year.

Trend – Decrease in residential inventory levels

What do you think?  Click Here to add your comments and lets have a discussion!

Based on Information from Metrolist, Inc. for the period Jan 2008 through present.Metrolist, Inc. Note: This representation is based in whole or in part on data supplied by Metrolist, Inc. does not guarantee nor is in any way responsible for its accuracy.  Data maintained by metrolist, Inc. may not reflect all real estate activity in the market.