The Denver MLS recently released the 2010 report for the Denver Metro area’s single family and multi family housing. Here are some of the highlights from the report:
Single-Family Housing
- The average days on the market was reduced from 97 in 2009 to 90 in 2010.
- The actual selling price compared to the original listing price is 87 percent, meaning that home sellers are pricing their homes too high. This is the largest percentage of variation seen in the past 5 years.
- The absorption rate for single-family homes in 2010 that have year-end inventories is 5.43 months. The absorption rate shows the ability of the market to sell all of the houses in a given time frame.
- The average home price for single-family homes increased to $282,080 in 2010, compared to $264,803 in 2009. Prices are expected to rise in 2011 as inventories continue to shrink and interest rates remain low.
Condominium Housing
- The average days on the market was reduced from 101 in 2009 to 98 in 2010.
- There was a 10.22 percent decrease in condos sold in 2010 versus 2009.
- The average price of a condo had a slight increase to $161,005 in 2010 compared to $159,628 in 2009.
- The most home sales came from the zero to $250,000 price range with 6457 homes sold in 2010. This created an absorption rate of 6.1 months. When inventory gets below a 6 months supply, the price will increase.
In terms of Colorado’s luxury market, meaning those priced over $500,000, Coldwell Banker continues to be the leader in listing sold. An average of $76.7 million in luxury homes are handled by Coldwell Banker each day.
Now is the time to buy a home in Denver and take advantage of the affordable home prices and low interest rates for financing. Please give me a call to learn more about relocating to Denver.
Photo credit: City-data.com