Denver's current real estate market overview:
|2007 April||2007 March||2006 April||% of Sale Price Change|
|Single-family Home Average Price||323,000||302,000||319,000||1.12%|
|Condo Home Average Price||182,000||183,000||188,000||-2.97%|
|Combination Average Price||293,000||275,000||289,000||1.52%|
|Average Days on Market (combo)||110||119||103|
Single-family detached dwellings have seen an average price increase of 1% over prices last year which translates to a currently stable market. As predicted the condo market has taken the biggest hit with almost a 3% depreciation from this time last year.
The average time a home will sit for sale in the Denver Metro area is about 110 days which is about a week longer than April 2006. Denver currently has a high inventory of homes for sale but on a positive note there are 4% less homes for sale April 2007 than there was in April 2006 (4,399 homes Apr.07 vs. 4,300 homes Apr.06) with an absorption rate of about 27.44 weeks.
The overall picture is slowed growth predicted through 2007 and into 2008. Denver's employment growth has slowed (1.7%) but is still higher than the national rate of 1.5%. Professional & business services, health & education sectors are stable and growing but the information systems and construction sectors are taking the biggest hits currently. Commercial Real Estate development is expanding with a variety of different projects in downtown Denver while residential development in Denver's suburban areas is struggling.
Denver home price growth has slowed and mortgage rates have taken a recent dip which translates as a favorable time for home buyers right now.