Colorado Real Estate

There are a couple of positive signs for the real estate market related to overall inventory levels. In the overall market there was a decline of 15% in new homes coming on the market and a 5.7% decrease in active listings compared to May of 2007.  Currently there are 20,287 homes for sale in the greater metro area with an absorption rate of 5.4 months.  One concerning item is the decrease in average sold price of 13% compared to May ‘07 to $276,374 for a single family home.  The number of closed residential homes was off by 5.9% in May and down 7% year to date.

Douglas County West (DCW) – 149 residential closings in May ‘08 a decrease of 19% compared to May ‘07.  Year to date DCW is off by 15% in number of closed residential transactions.  Average days on market increased to 126 days and absorption rate is currently at 10 months.  Average sale price decreased to $387,334 compared to $483,842 in May of 2008.  This figure can be misleading and in my opinion and does not equate to every house loosing 19% in value.  We are seeing more homes sell in the lower price range skewing the average sold price when compared to May of 2007.

Douglas Elbert Parker (DEP) – 197 residential closing in May ‘08 a decrease of 16% compared to May ‘07. Year to date DEP is off by 21.9% for closed residential transactions.  Average days on market decreased to 104 days and absorption rate is currently at 6.5 months.  Average sale price increased to $376,259 or 1.3%.  Active listing inventory increased to 1,356 homes or 6.1% more homes on the market in May ‘08.

Douglas Highlands Ranch Lone Tree (DHL) – 206 residential closings in May ‘08 a decrease of 11.2% compared to May ‘07.  Year to date DHL is off by 18.9% in number of closed residential transactions. The average days on market has increased by 21% to 69.  Listing inventory decreased by 4% to 678 homes on the market and new listings coming on the market in May ‘08 was down by 17%.  Absorption rate is at 3.4 months for this area.