The fall slow down is upon us, although the First Time Homebuyers Tax Credit is helping keep the lower end active.
In the South Suburban market the number of listings available is down slightly in October from September. The average list price is down as well.
Although the average sold price is down about $20,000, the number of homes currently under contract is the same in October as it was in September which means that inventory is still being absorbed.
YTD the average sold price in the South Suburban market is just under $300,000 while the average for the previous 12 months is just over $300,000. To us that indicates that prices are holding steady - not declining and certainly not in the free fall they were in 18 months ago.
In the metro area as a whole, the number of active listings is down almost 20% from a year ago - again an indication that inventory is being absorbed at a good rate.
The number of active listings is down 18% from a year ago and the number under contract is up 9%. And the best news is that the average sold price metro wide is up almost 3% over a year ago!
So let's summarize - listings are down, under contracts are up and the average sold price is up as well. Sounds like our market is recovering at last!
The home buyer tax credit has been extended through next April and, in even better news, an additional credit for those who sell a home they have lived in for the past 5 years and purchase another are eligible for a tax credit as well.
Although the holidays are typically a slow time for real estate sales, all this good news may mean that homes may not sit on the market as they have in the past few years.
ZIP Codes: 80110, 80111, 80112, 80113 Location Characteristics: A suburb of Denver, Englewood contains homes in all price ranges.
