By Lon Welsh, Aurora Real Estate
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North Aurora Colorado real estate. Click Image to enlarge.
Many people are closely following the national headlines for home price trends. Here in Denver metro, the average price of a single family home increased about 2% between 2005 and 2006. Between 2006 and 2007, home prices dropped 3% on average to $303,000. Looking at the first nine months of 2008 versus the same time period of 2007, prices have dropped 11% to $272,000. This is for Denver metro, and does not include Boulder or Colorado Springs.
The charts I have attached show the price performance in different sections of Aurora. Remember the old adage, “location, location, location”? It’s never been more important than it is today. Each neighborhood has the name and what percentage of the closed transactions were bank owned or short sales. The next line has the change in price from 10/2007 to 9/2008 compared the twelve months before. Finally you will see the price of the average sold home and the average marketing time (DOM – days on market). We need to have at least twenty sales in each twelve month period to do the calculations. The more sales, the more reliable the results.
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South Aurora Prices. Click to enlarge.
The 20% of the neighborhoods that did the best are color coded green. The 20% that did the worst (in terms of price depreciation) are color coded in red, and there are a few shades in between. You will notice that not all neighborhoods are created the same! Some are still appreciating in value while others, ravaged by foreclosures, are declining in value
2 Comments
Lon, this is a very interesting graphic. Goes to show that not all neighborhoods are affected equally.
What is the real estate market like now in Denver? What are the best cities to invest in and rent the property out?