The Denver area’s inventory of available homes to purchase continues to decline year over year, with February showing 5.93% less homes on the market than one year ago.  This is an extraordinarily small amount of homes available for the Denver market, especially considering the low number of new built homes being constructed at this time.

The reasons for this low inventory are many,  such as high unemployment making it difficult to sell, a lack of financing available for home loans in the $400,000 to $1,000,000 market, a lack of equity for many home owners that must remain in place until a rise in market prices creates enough usable equity to allow a sale of the present home and a purchase of a more desirable one.

The February stats are below.  Questions? Feel free to contact Larry McGee at 303-513-1436

Denver Market Update for February
Denver Market Update for February, 2010

● Metro Denver Prices:

Single Family Average Price: Feb 2010 – $269,688
(Detached Dwelling) Jan 2010 – $260,530
Feb 2009 – $236,920

Condo Average Price: Feb 2010 – $166,206
(Attached Dwelling) Jan 2010 – $157,701
Feb 2009 – $138,239

Combined Average Price: Feb 2010 – $247,471
Jan 2010 – $238,155
Feb 2009 – $218,010

● Percent of Sales Price Change: Single Family : 13.83%
from Feb 2009 to Feb 2010 Condo : 20.23%
Combined : 13.51%

● Total Combined Number Feb 2010 – 18,869
of Homes for Sale: Jan 2010 – 17,465
Feb 2009 – 20,059

● Percent of Change in Available Inventory: – 5.93%
(Feb 2009 vs. Feb 2010)

● Total Homes Under Contract:

Single Family Condo

Feb 2010 – 3,459 Feb 2010 – 955
Jan 2010 – 2,883 Jan 2010 – 807
Feb 2009 – 3,352 Feb 2009 – 831

● Number of Combined Homes Sold this month Feb 2010 – 2,436
vs. previous month Jan 2010 – 2,353
vs. same month last year Feb 2009 – 2,484

● Average days on Market: Feb 2010 – 95.44
(Combined Sales) Jan 2010- 88.91
Feb 2009 – 107.38

● Absorption Rate: (# of weeks Feb 2010 – 33.57 weeks
necessary to sell current combined Jan 2010 – 32.16 weeks
inventory at current rate of sales) Feb 2009 – 34.99 weeks

● Median Sold Price: Single Family Condo

Feb 2010 – $220,750 Feb 2010 – $132,500
Jan 2010 – $210,000 Jan 2010 – $130,500
Feb 2009 – $192,000 Feb 2009 – $117,725