“We are Denver Real Estate™” Visit us online at: www.DenverRealEstate.com DEaR FRiEnDs, CliEnts, anD assoCiatEs: Denver Real Estate Market Update Buyers purchased $771.8 million in single-family residential/condominium real estate for the month of September and $7.79 billion in the first 9 months of 2010 compared to $965.8 million and $7.73 billion, respectively, in 2009. The current monthly Denver MLS sales volume was down 20.1% versus Kentwood Real Estate up 17.7%. But compared to year-to-date statistics, the Denver MLS sales were up 0.7% while Kentwood Real Estate was up 27.2%. Buyers spent $57.6 million more on single-family residential/condominium real estate this year compared to last year. Kentwood Real Estate continues to outperform the Denver MLS for closed transactions and sales volume. The average sales price in Denver for single-family residential was $290,025 compared to $274,433 in 2009, which equals a 5.7% increase year-over-year for the month of September. Unfortunately, the month’s supply of homes grew to 7.59 versus 5.01 months one year ago, as well as the active inventory of 17,625 compared to 15,046. The active listing inventory will likely continue to increase as the banks draw upon their “Shadow Inventory” which is attributed to the growing number of short sales and foreclosures. Most recently, some banks have taken the position to withhold their inventory and thus not flood the market and create additional pressure on housing prices. The following Denver-area statistics are from September 2010 versus 2009 on a “Year over Year” and “Year to Date” (YTD) basis for single-family residential real estate: • • • • • • •
7.59 months supply of homes versus 5.01 (+45.1%) 17,625 active listings versus 15,046 (+17.1%) $290,025 average sale price versus $274,433 (+5.7%) 2,321 closed sales-Month versus 3,001 (-22.7%) $673.2M closed sales volume-Month versus $823.6M (-18.3%) 30,286 closed sales-YTD versus 31,554 (-4.0%) $7.79B closed sales volume-YTD versus $7.73B (+0.7%)
Mortgage Rates One word, WOW! We are experiencing historically low mortgage interest rates that have not been seen in decades. For example; 4.25% mortgage interest rate for conforming loans (30- year fixed) and 2.75% mortgage interest rate for conforming loans (5-Year Adjustable Rate Mortgage) for conforming loan amounts up to $417,000. Rates are subject to change; origination and application fees will vary. Visit www.WellsFargo.com for the most up to date mortgage interest rates for purchase and refinance. BUY NOW! Peter Niederman Chief Executive Officer
Colorado’s Premier Real Estate Company™ 3
Published on Oct 21, 2010
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