THE MARKET
Active Homes on the Market as of 2/29/08 – 25,037
Active Homes on the Market as of 2/28/07 – 24,910
Change + 0.80%
Active Homes on the Market as of 2/28/07 – 24,910
Change + 0.80%
Homes Under Contract as of 2/29/08 – 5,126
Homes Under Contract as of 2/28/07 – 4,911
Change + 4.00%
Homes SOLD in February 2008 – 3,001
Homes SOLD in February 2007 – 3,089
Change – 2.88%
Homes SOLD in February 2007 – 3,089
Change – 2.88%
WHAT IT MEANS
With all of the foreclosures and all of the challenges we have seen in our market, we're holding together well. In fact, average days on market for sold homes is down nearly 10% from one year ago (a leading indicator) and for the first time in a long time, there has actually been a year over year increase in condo prices.
With much tighter lending standards and so many discounted homes on the market, it would be easy to justify falling values, but our Denver area median home price of $255,363 is just about where it was a year ago... despite all the turmoil.
What will our "spring market" look like? It's anecdotal, but I was previewing a new foreclosure listing yesterday that had three separate showings within an hour. The bottom of the market appears to be showing signs of recovery, which is long overdue and a very welcome development.
