Latest MLS Information For Denver Sales

The latest information from the Denver area MLS system is showing continued improvements for the metro Denver area. The total number of residential homes available on the market for October 08 was 17,842. There were 21,947 homes on the market in October of 2007; a decline this year of 18.7% active listings as compared to last year.

Condominiums & townhouse throughout the metro Denver area dropped from 6,981 condos & townhouse on the market during October of 2007 to only 5,278 in October of 2008. This represents a 24.4% reduction in available inventory for month-to-date from last year to this year.

Watch out for what SOLD STATISTICS are really saying:

Although the average sales price throughout Denver appears to be dropping in most of the following areas, it is not a true picture of what is really happening. The Denver market is experiencing a significant number of bank owned properties being purchased individuals and investors as compared to the higher end closing in our market. Nearly 50% of the recent closings are in the price range below $150,000. This has drastically dropped the AVERAGE sales price of homes and therefore does not truly represent a the PERCENTAGE of decline in the market value of homes throughout metro Denver. The statistics are skewed drastically toward the lower end of our market. Although the average sales price of homes being sold throughout Denver has dropped, the actual market values of individual neighborhoods and homes has not dropped anywhere near the figures being reported.

Thanks once again to the professionals at Land Title Guarantee Company, for compiling the following the latest MLS number of closed homes sales, number of closed sales year to date, average day on market, number of active listings, number of new listings, absorption rate in months and average price sold within each area of Metro Denver.

Total MLS All Metrolist Areas as one download Aurora North (AUN)

Aurora South (AUS) Brighton, Fort Lupton (BFL)

Broomfield (BRM) Douglas County West (DCW)

Douglas Elbert Parker (DEP)

Douglas Highlands Ranch Lone Tree (DHL)

Denver Northeast (DNE)

Denver Northwest (DNW)

Denver Southeast (DSE)

Denver Southwest (DSW)

Downtown Denver (DTD)

East Suburban North (ESN)

East Suburban South (ESS)

Jefferson County Central (JFC)

Jefferson County North (JFN)

Jefferson County South (JFS)

Jefferson County West (JFW)

Jefferson County Northcentral (JNC)

Jefferson County Southcentral (JSC)

Lafayette (LAF) Mountain Clear Creek (MCC)

Mountain Conifer Pine (MCP)

Mountain Evergreen North (MEN)

Mountain Evergreen South (MES)

Mountain Gilpin County (MGC)

Mountain Jefferson County (MJC)

Mountain Jefferson North (MJN)

Mountain Jefferson South (MJS)

Mountain Park County (MPC)

Mountain Park East (MPE)

North Northeast Suburban (NNE)

North Northwest Suburban (NNW)

North Suburban Central (NSC)

North Suburban East (NSE)

North Suburban West (NSW)

South Suburban Central (SSC)

South Suburban East (SSE)

Superior (SUP)

The above links will automatically up-date themselves during the first week of each month when new numbers are posted. So, if you are interested in saving any one months information, you might want to either save a PDF version on your computer or print out the links that are of interest to you.

Is Your Home Big Enough?

Does it seem like your current home is just not big enough any longer? Perhaps you need to move to a larger home. If so, call me and I will make that happen for you. But, if your budget is a bit tight or you really like your home and your neighborhood, selling your current home and moving into a larger one may not be your best option.

Have you considered using the space you already have more wisely? Finishing all or some of your basement will instantly provide you with more room in your home. Most unfinished basements have a lot of space but are most likely used for unorganized storage space. By cleaning out your basement you can make room for more living space. Some additional rooms you can put in your newly organized basement are:

- Home theater room
- Workout room
- Extra bedroom(s)
- Office
- Game/recreation room
- Extra storage area
- Additional closet(s)
- Work or shop room
- Hobby or craft room
- Wine cellar

These are just a few ideas of extra rooms you can add to your house to create more space and ultimately, a more comfortable living space.

Basement Finishing TIP # 1:
If you want to insure you have improved the resale value of your home, be sure you finish your basement in the exact quality of materials and workmanship as the main levels of your home. A “do-it-your-selfer” project may save you money today add livable square footage to your home, but it will actually decrease the value of your. The day you want to sell your home in the future, it will not only take longer to sell, it will actually sell for LESS than if you did not finish the basement at all. So, be sure to check out several contractors past basement projects before you begin your own basement finishing project.

Basement Finishing TIP # 2:
Get professional Realtor and contractor suggestions on what will make your space the most livable to you and future owners. I have shown many homes that little attention to the functionality. Although the quality of materials used and workmanship were perfect, buyers rejected the home because the utility of the basement was compromised because of the nonfunctional design.

Please call me if you would like the names of a few contractors who have done excellent work in the past.

Check out this article regarding the typical Home Improvment Recapture Dollars derived form typical home improvment projects.

See Clarity About Denver's Home Inventory

Denver's is still experiencing a "Buyer's Market", but we are continuing to see a decrease in available homes on the market. More importantly, the Denver housing market is starting to see a reduction in the number of days it takes to sell a home. Here is an interesting chart that plots some of the communities around Denver to reveal both the Average Sales Price as well as the Months of Inventory for that community.
Oct. 08 Months of Inventory vs. Average Price A six month inventory of homes is considered to be a balanced market.

As you can see from homes in Cherry Hills, Greenwood Village, Larkspur, Conifer, Evergreen (and areas not show such as Franktown, and Evergreen) have an excessive amount of inventory and are taking between nine to 17 months to sell (depending on price and area). You would also be correct if you guessed that home sellers in these areas are not very happy with their inability of finding a buyer for their home.

On the other hand, you can imagine how happy the banks and individual owners are who are selling homes priced under $225,000. Many owners are seeing multiple offers with homes priced under $150,000. Savvy owner occupied buyers and investors are snapping up homes in this price range resulting in a very tight 1.9 to 4.7 month supply. See Oct. 2008 Active - Sold & Days On Market. Many of these areas are also starting to see APPRECIATION.

The average home in Metro Denver increased two percent in 2006. During 2007, the average price dropped by thee percent. Then in 2008, the average home price dropped by eleven percent. But, remember, these reported averages were greatly influenced by the fact that so many more lower priced homes were selling than higher priced homes; as compared to prior years. We will likely see a strong appreciation (in AVERAGE Metro Denver prices) during the next 12 to 18 months as the lower priced home buyers finish snapping up the great deals and the higher priced homes begin to sell again. - Stay tuned. The ride will be interesting.