Sales Prices Up - Metro Denver Homes Sold - Down

Recent Metro Denver Home Sales Numbers have been posted by Land Title. You might be surprised at the trends. I was. (by the way, this link will change as new numbers are posted each month)

The average number of homes sold YTD in the Metro Denver Area are down from the same period in 2008. Interesting enough, the home prices continue to increase. Home sales in the under $200,000 price range have been strong throughout the year. Besides many investors taking advantage of the down market, many first time home buyers have been jumping into home ownership to take advantage of the $8,000 tax credit.

Homes over the $1 million price point are still reporting sluggish results with continued downward pricing pressure with more than a five year supply of properties actively listed on the market.

Higher end homes are not performing as well as the lower end of the Denver real estate market. The $500,000 to $750,000 priced metro Denver homes are reporting a 19 months supply while the $750,000 to $1million are at 31 months supply and the $1million and higher market has a 58 months supply of active listings. The supply of homes in Denver is actually decreasing from last year, but you can still find bargains out there in most price ranges.

By the way, I am predicting that the $8,000 tax credit will be extended and perhaps even increased in a couple of ways from the November 30th scheduled termination date. I think the national housing market remains too soft for the federal government to terminate this extremely successful tax stimulus program at this time.