Denver Real Estate Market Update – May 2009

Posted by: Brian Kinkade on June 12th, 2009

While we’re in an expected seasonally increased sales period, market activity for existing home sales for the Denver real estate market shows signs of continued strength.  Sales denver_colorado_real_estate_marketvolume on pending contracts and sold properties has trended up for several months now. In a recent national survey, Denver was nominated to be the top of 20 cities per the S&P/Case-Shiller® Home Price Indices and number one of the top housing markets on the rebound as announced on MSNBC Today.

Combined residential sales volume, for May, including single-family homes, townhomes, condos and lofts was 3,628 properties, up 7.02% % from April’s volume 3,390. Temper this with the fact that sales are still down 22.21% from May of 2008, per Metrolist Inc., Denver’s Multiple Listing Service.

There were 5,343 homes under contract last month. This includes 4,301 single-family homes and 1,042 condos and townhouses. This is an overall increase of 3.09% from April, but down 15.7% from year-prior last May. Single family homes contracts are up 3.56% while condo and townhomes are up 1.17%.

In May, the Denver MLS had 20,734 homes for sale, an increase of .14% from the prior month, down 21.26% from the same time last year. The average home sales price was $243,022, an increase of 4.09% from last months average price $233,482, down 5.05% from a year ago, $255,944. Denver homes remained on the market 105 days on average in May which is up 2.21% in April and up year over year at 5.26%.

Single-family home sales were 2,857 last month, up nearly 5.58% from April and down 23.14% year-prior May. Houses sold for an average of $262,066 in May, a 3% increase from the prior month, but a 5.18% decrease over the previous year price of $276,374. Median prices increased from $210,000 to $220,000 but are down from $226,500 last year. These properties also stayed on the market up 1.96% for the same period, 104 on average, as the prior month but still down 5.05% from May 2008.

Sales for Denver townhomes, condos, and lofts hit 771 units, a 12.72% increase from April but an 18.59% drop from May, the year prior. The average sales price was $172,454, up 14.54% from the previous month, but decreasing 1.88% the year over year period price $175,758. The median prices increased to $137,000 from last months $130,000. These properties remained on the market 110 days, same as April and down 5.77% same time last year.

The bulk of the market activity for single family home sales was less than $200,000 at 42.96%, 28.28% between $200,000 and $300,000, dropping to 20.93% between $300,000 and $499,999 and only 7.84% for $500,000 and up.

Market activity for condos was 74.55% for properties less than $200,000, 15.30% for properties between $200,000 and $300,000, 7.33% for the $300,000 to $400,000 range and only 2.83% for properties greater than $500,000.

This data is based upon information from Metrolist, Inc. in Greenwood Village, CO. This representation is based in whole or in part on data supplied by Metrolist, Inc.. Metrolist Inc. does not guarantee nor is in any way responsible for its accuracy. Data maintained by Metrolist, Inc. may not reflect all real estate activity in the market.

Visit Brian Kinkade’s Denver real estate website for the latest trends and Brian’s HomeGain AgentView Denver real estate blog for more real estate market information.

Learn more about Denver real estate, search Denver homes for sale and check Denver home prices.

Join the Denver Real estate discussion on HomeGain Nation.



2 Comments on “Denver Real Estate Market Update – May 2009”

Real Estate

Actually, home prices in Denver declined by 1% when comparing home sales in the same period last year from May to August.
The good thing is that the average sales price for a family home smaller than 910 square feet has increased 14%.

real estate poconos

Excellent article. This will help me a alot. thanks. I will bookmark this and come back. thanky you.

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