| Denver Market Statistics as of March 1, 2009
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 - Michael J Clarkson
The Mile High Home Hunter
The latest market statistics came out for Denver this morning from Denver's MetroList MLS service. Some interesting points: - Unemployment is up to 8.1% - the highest since 1983. Ironically, signs of positivity exist:
- Personal income is up
- Savings is up
- The pace of weekly lay-offs slowed last week
- Unemployment was on the low end of analysts' expectations
- We are now around the average unemployment in any given recession since 1948
- Months of Housing Inventory is up slightly to 8.08 months, however, this is seasonally consistent with the 5 most recent years
- Days of Market is up, to 107 days from 101 days in January. However, this is down from last year at this time. The prior 5 years Days on Market are: 104, 110, 125, 114, 107.
- Listing inventory is at a 5 year low at 20.029 homes.
- Sold homes are at a 5 year low at 2,484 homes.
- However, the percentage of homes under contract - waiting to close - which normally averages at 127.8%, spiked to 168.4%. In short, for 100 homes sold, 168.4 were waiting to sell. Though normally higher in the winter, this number does seem to be slightly higher than the historical average, appearing to indicate that banks are dragging their feet to the closing table.
- Had this percentage ran closer to the historical average, the Months of Inventory would have been 5.99 months, which is a balanced market.
- Banks have GOT to get their acts together.
- Prices are rebounding slightly:
- Average sold price - $236,920, up from $230,878 in January
- Median sold price - $192,500, up from $181,500 in January (Median is the point at which 50% of the market sells above that price and 50% sells below that price)
If you have any questions, give me a call.
"A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty." - Churchill
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