According to Metrolist Inc, home sales in the Denver metro area fell when comparing July of 2010 with July of 2009, but the average selling price of homes in the area actually went up during this same time period.
These aren’t the only interesting facts that were released in the report. Other tidbits found in the report include:
- Sales of existing houses, condos and townhomes were down by 26.6 percent when comparing July of 2010 to July of 2009 (from 4,440 to 3,259).
- Sales of existing houses, condos and townhomes were down by 19.5 percent when comparing July of 2010 to June of 2010 (from 4,046 to 3,259).
- Resales for the first seven months of 2010 were up by 1.87 percent when compared to 2009.
- The average selling price of homes increased by 6.7 percent when comparing July of 2010 to July of 2009 (from $252,727 to $269,704).
Clearly, consumers weren’t very focused on purchasing homes during the month of July. In all likelihood, this is at least partially due to the fact that the first-time homebuyer tax credit came to an end on April 30. Those that did choose to purchase a home in July, however, tended to buy those that were relatively expensive. As such, the average selling price saw an increase.
“Quite frankly, consumer confidence has decreased,” said Gary Bauer, who is an independent residential broker in Littleton as well as an analyst for Metrolist. “Even though interest rates are the lowest they’ve ever been, the due diligence and other requirements of getting a mortgage loan are causing issues…I didn’t expect July home sales to be great, but I didn’t expect them to be as slow as they were.”
Traditionally, home resales are relatively strong during the summer months because this is considered to be the prime home-buying season.
Other interesting facts compiled into the report include:
- House sales dropped by 24.5 percent when comparing year-over-year data (from 3,484 to 2,632).
- House sales dropped by 18.4 percent when comparing July of this year to June of this year (from 3,227 to 2,632).
- The average price at which homes were sold went up 7.4 percent when comparing July year-over-year figures (from $276,654 to $297,218), though it fell by less than 1 percent when compared to June (from $299,375 to $297,218).
- The average number of days homes remained on the market before they were sold fell by 14.3 percent when comparing July 2010 to July 2009 (from 98 to 84).
- The average number of days homes remained on the market before they were sold went up by 3.7% when comparing July of 2010 to June of 2010 (from 81 to 84).
- Sales of condos and townhomes went down by 34.4 percent when comparing July of 2010 to July of 2009 (from 956 to 627).
- Sales of condos and townhomes went down by 23.4 percent when comparing July of 2010 to June of 2010 (from 810 to 627).
*Based upon information from Metrolist, Inc.. This representation is based in whole or in part on data supplied by Metrolist, Inc.. Metrolist Inc. does not guarantee nor is in any way responsible for its accuracy. Data maintained by Metrolist, Inc. may not reflect all real estate activity in the market.
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