CherryCreekPro's Blog: Denver Market Updates

The Denver market activity I would say leads one to be cautiously optimistic. 

Home sales are up 12% from this time last year with 3,386 homes sold in October at an average sales price of $250,172.  This reflects a 13% reduced sales price from last year likely affected by the number of foreclosures being sold in this market. 

With average days on market at 93 and an inventory reduced by 20%, from 28,928 to 23,120, I believe we are well positioned to move into 2009 ready for an improved market with increased sales activity.

An improved consumer confidence, the passage of the elections, the holidays and the New Year should all contribute towards improving our Denver real estate market conditions.

These are indeed interesting days.  The general consensus from my observations, thoughts of other professionals that I visit with, and recent market stats is that we are bouncing off the bottom, perhaps with some bottoming still to go.  We are still in an active buyers market with much activity surrounding foreclosures.  Our inventories are gradually dropping.  Prices are stronger in some areas over others.  My advice to my sellers, if they can wait, is to hold of on listing as we should start seeing a gradual firming and slow improvement in prices towards the sellers favor by early to mid next year after winter thaw.  And, of course, everything is subject to change until after we see some stability, i.e. the elections, the market, holidays, the wars,…