What's exciting to us is how our market is continuing to hold it's own!
In the South metro area active listings are up - very slightly - from last month. Average list price is down - very slightly - from last month but even with April.
The number of homes sold is up and the average days on the market is down.
Most importantly, the average sold price is up almost $25,000 in June over May. That is an indication of several things. First, that foreclosures are not driving the market in many areas. Next, that in those areas that do have a lot of foreclosures, the prices for those homes are rising. And finally, that the "hot" price ranges are slowly moving up.
Now let's look at the Denver metro market as a whole.
There is a big number that is jumping out at us this month. In June a total of 3328 homes sold in metro Denver. And there were a total of 15,790 homes for sale. That is just under 5 months of inventory on the market. Almost all economists indicate that a market is in balance if there is 6 months of housing inventory available. These numbers would indicate we are actually swinging a little to a Seller's market from a neutral market.
The average sold price metro wide is up 8% in June from May and only down 1.25% over a year ago. This is again great news for Sellers.
All in all, we expect a strong market well into the fall in the entire metro area.
If you are a buyer, get off the fence! Interest rates are still very low and inventory is not going to get much better. If you are a first time homebuyer, take advantage of the $8000 stimulus.
If you are a Seller, take hope! The market continues to turn!
ZIP Codes: 80110, 80111, 80112, 80113 Location Characteristics: A suburb of Denver, Englewood contains homes in all price ranges.
