Number of Denver homes under contract drops last month, while home prices rise
There is good and bad news in November’s Denver real estate statistics that were released this week. It appears that entry level and move-up buyers had a sense of urgency to put homes under contract by the end of October, not expecting the deadline for first-time homebuyer’s tax credit to be extended, and to even be expanded, to March 30, 2010. This left the November statistics nowhere to go but down. There were 3,444 Denver-area homes placed under contract last month, which was a 29.9% decrease from the 4,910 homes placed under contract in October. This is a far bigger number than the typical month-to-month seasonal drop.
The good news is that the average price of a single-family home closed in November rose to $265,498, a 9.45% increase from a year ago, and a 1.4% increase from October. The median price of a single-family home last month was $218,000, which was 11.8% higher than a year ago. In the first 11 months of the year, 53,146 homes were placed under contract in the Denver area and 39,111 home were closed. There were only 18,061 unsold homes on the market last month, which was a 17% drop from a year ago. The weekly sales rate rose to 4.4% in November, compared with 3.86% in November 2008.
All of these are encouraging signs for the Denver housing market. Mortgage rates are also hitting rock-bottom lows, making this a great time to purchase a home in Denver. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
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