Foreclosure figures in Denver County show an increase in the number of filings over last year by 26%. The number of foreclosure sales was down 29% compared to last year with 1 of 1087 homes being foreclosed on. Denver County is beginning to show signs of leveling out and even a possible start to a rally in home prices. There is much ground to be regained after these recent years of losses. Still, the tide appears to be turning. For your specific Denver neighborhood, please ask me for the Quarter 3 Real Estate Sales Heat Map. (bethbakerowens@comcast.net).
There was a 4.48 month supply of homes on the market, making this a seller's market. Most of the homes sold were in the lower price ranges, including distressed reo and short sales. Southeast Denver experienced a drop in average sales price as distressed home sales impacted the market there. It took an average of 99 days on market to sell the 704 that sold in September.
The entire MLS had a 5 month supply of homes on the market, making it slightly a seller's market. 3,846 homes and condos sold in September out of 19,834 listings. An overall decrease in sales volume reflects the slow down in processing pending foreclosures by banks unwilling to flood the market and fewer homeowners choosing to sell in the depressed market. The 4.9% increase in average home sales price reflects the bidding wars in the least expensive neighborhoods as prices begin to bounce a bit. The upper end of the market is still depressed and has a strong buyers market. So, ask the most important question, "What is the market in my neighborhood?"
First time home buyers-don't miss out on the tax credit. Remember you need to close by 1 Dec 2009 to get the benefit. Adams county has some of the best values in the metro area for home buyers.
Did you hear that FHA loans will allow approved buyers to apply the tax credit (up to $8000) as their down payment for homes closing before December 1, 2009? Here are some details. http://tiny.cc/KLTTw Lenders are still lending money to qualified buyers with at least 3.5% to put as down payment for FHA loans. CHAC, CHFA, and local bond programs still have money available for qualified buyers.
P.S. Do you want the latest? For video real estate and mortgage news check out http://realtytimes.com/REUv/BethBakerOwens
Location Characteristics: The city and county of Denver is known as a city of extensive parks. The metropolitan jewel of Colorado, Denver hosts many amenities from a multitude of businesses to professional sports teams to performance and fine arts centers to a variety of neighborhood recreational facilities. The light rail system linking the southern suburbs to the heart of Denver is part of the regional transportation district.
About Beth Baker Owens:
SELLERS: consider improving your home while waiting for the market to go back up. Ask me for a 'Get Ready, Get Set' report to focus your efforts for the best return when you put your home back on the market. We track what's happening and can show you what's new in your neighborhood.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
