9th Jan, 2008

The Denver Real Estate Market 2007 verses 2006

DENVER COLORADO- Now that we all rang in the new year, a question many of us have is how did the Denver Real Estate market do in comparison to the previous year? How is the Denver real estate market going to perform in 2008? While no one can make an accurate prediction, but the most logical answer, the best I can give you is it is going to change!

Like any commodity that is bought and sold the real estate market will fluctuate, and no one can predict what will happen during the buying and selling process. But what we can do is examine what has happened in the recent past and were might we be headed based on experience in similar times.

Denver had over 100,000 people move into the metro area, unemployment remains below the national average. The rental market both in the residential and commercial sector remains tight. Once consumer confidence increases I think we are going to see an up tick in the market. Foreclosures will happen and even though there has been a lot of press over it. It remains only about 4% of the homes on the market in the Denver home market.

The average sales price of a previously owned single-family home that traded hands in the Denver area in 2007 fell 2.1 percent to $310,418 from $317,112 in 2006, according to a report released today.
The average price of a single-family home that closed in December dropped by 10.46 percent from December 2006, when the average sales price was $321,525. The median, or middle, price of a single-family home in 2007 fell to $245,000 from $249,900, almost a 2 percent drop.The median price of a single-family home sold and closed in December fell 11.1 percent from $247,500 in December 2006.The report, based on Metrolist data, shows that there were 61,663 homes placed under contract last year, 73 fewer homes than the 61,736 sold in 2006, or a 0.1 percent drop.There were 49,789 homes closed last year, 0.9 percent fewer than the 50,244 home closings in 2006.In December, there were 3,401 homes placed under contract, a 2.2 percent increase from the 3,328 homes in December 2006. The number fell by 15.1 percent from November, when there were 4,007 homes placed under contract, but sales typically fall off in December for seasonal reasons. There were 24,603 unsold homes on the market in December, a 0.3 percent increase from the 24,534 in December 2006. The number of unsold homes on the market, however dropped 9.3 percent from November, when there were 27,127 unsold homes on the market.

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Resource

A Colorado Rental Property Resource for both landlords and tenants can be found at http://www.coloradorentalproperty.net . Online land lords can post detailed information regarding their rental property, including 5 color photos. The ad can be self directed by the landlord to their cell phone or property management company. This is a service provided FREE by RealEstateColorado.Net and the ad will remain on line until it is asked to be removed.

REAL ESTATE

If you would like additional information about the Denver Real Estate area in Denver Colorado as well as anywhere in Denver Metro Area contact us at 1-800-791-3990 ext 232.

jeffery_mcclintock.jpgJeffery McClintock, is a real estate broker in Denver and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.

Jeffery has been a licensed Realtor since 1995. During this time he has successfully closed over 135 million dollars of residential real estate, and 40 million dollars in un-improved land amounting to 660 individual real estate transactions. His professional experience includes the Denver Colorado front range and the Second Home market in Breckenridge, Colorado located in Summit County.

Posted by:
Jeffery McClintock

Categories:
Front Range
Denver Home Builder
Investors
Local News
Denver Real Estate Market

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