Second Quarter Denver Home Prices
ByBy Charles Roberts and Lon Welsh, Your Castle Real Estate.
Comparing 2007 to 2008, the average home price across the metro dropped 13%, to $267,000: a 13% decrease. Comparing the 1Q of 2008 ($271,000) to 1Q 2009 ($241,000), we saw an additional 11% drop. 2Q looked much better, only a 5% drop. As with many of the national headlines, things may still be getting worse, but the pace of the decline has slowed significantly.
Notice the recent home price trends in North Aurora North (AUN and Denver Southwest (DSW).
While it’s certainly too soon to call it a trend, we noticed that the average sales price in MLS region AUN (Aurora North) and DSW (Southwest Denver) increased in June. After significant declines in 2006 and 2007, prices were generally stable in 2008. Prices are now edging upwards in these distressed areas!
The attached chart shows different neighborhoods in our region. Each region has the neighborhood’s name and the percentage of sales in the last twelve months that were either short sales or bank-owned properties.I can email you a much more readable version. Just fill-out the form below.
Price appreciation for distressed homes including foreclosures and short sales.
The second line has the price change in the twelve months from June 2008 to May 2009 versus the twelve months right before that. Next, you’ll see the average home price in the last twelve months and the average days on market (DOM). There had to be at least twenty sales in the last year for an area to be included. The numbers are more reliable in areas where there were more sales.
Source: Your Castle Real Estate, Metrolist
I really appreciate your site and info. I have a client moving the Austin from the Denver area and she is struggling to sell her home. While she’s had offers, she has questions about her home value that I can’t answer. I’m sending her to view your site…she needs help!