March 2008 Market Conditions Denver Colorado
March sales of Denver metro area homes increased by more than 700 from February. The Chief Economist for the National Association of Realtors says this is due to a sharp increase in Seller price reductions.
The total number of homes on the market in Denver area rose by almost 500. The number new listings dropped sharply in March, and the number of listings that expired without a sale also dropped. Any euphoria regarding the increase in sales should be tempered by the continued drop in Average Sale Price. The reality is that Average Sale Price of Denver metro homes dropped to $254,011, which represents a drop of more than .5% from February, and a whopping 7.79% from March, 2007.
For the sixth straight month, most major economic studies have predicted continued price deterioration for a minimum of 2 more years. One of the top real estate educators in the U.S. is projecting price declines for the next 3 to 5 years. Expect a decline to be with us for quite some time still. What does this mean to YOU?
There Is Good News!!!
Sellers: It is more important than ever to pick the right agent to sell your Denver metro home. You need an agent who is willing to tell you the raw truth about the market for your home. Allow Lunnon Real Estate to price your home right and use our effective marketing plan. Your Denver area home will sell faster than most of the competing homes and at a better price. That is what you expect, right? Call Lunnon Real Estate today, and we will show you how we can get you where you want in the time you want.
Buyers: NOW is the time to buy a Denver metro home. There are so many great choices of homes. With interest rates as low as they are, it is affordable to purchase a loan. This is what you have been waiting for. Clearly, you should act before rates go up, right? Call Lunnon Real Estate for the best bargains in the Denver metro area.
Check out the most recently reported statistics listed below:
Metrolist (MLS) Sales Statistics
March 2008
Homes Listed: 25,516
Homes Sold: 3,709
Homes Unsold: 21,807
New on Mkt.: 10,640
Sold %: 14.54%
Unsold %: 85.46%
Expired Listings: 1,409
We have nearly a 7 month supply of homes in the Denver metro area!
