2010 mixed for Denver metro-area homes

2010 mixed for Denver metro-area homes

Number sold declines by 10.7 percent, but median price hits $235,000
Check out this interesting article about the Denver Housing Market.
By Margaret Jackson
The Denver Post
Updated: 01/11/2011 02:45:57 AM MST
Buyers were willing to pay more for houses last year than they were in 2009, but the number of homes sold declined compared with the previous year.

Total homes sold in the eight metro-area counties dropped 10.7 percent, from 42,027 in 2009 to 37,522, according to an analysis of Metrolist data by independent real estate consultant Gary Bauer.

Meanwhile, the median price of a single-family home increased to $235,000, up 7.3 percent from $219,000 in 2009.

"There were more homes sold in the $1 million-plus range," Bauer said. "In 2010, there were fewer transactions in the lower price categories, mainly because of the scarcity of inventory."

Sales of homes priced at more than $1 million increased 11.2 percent, from 471 in 2009 to 524 last year.

Meanwhile, sales of homes priced between $200,000 and $300,000 declined 10.6 percent, from 11,149 in 2009 to 9,967 last year.

"In 2009, we were just faced with recession, recession, recession," Bauer said. "In 2010, there were price adjustments and more people who wanted to get into their dream home."

Even though people have started buying higher-end homes, brokers are still keeping a close eye on inventory, said Chris Mygatt, president and chief operating officer of Coldwell Banker Residential Brokerage.

At the end of December, there were 18,867 homes on the market, up from 16,456 during the same month a year ago. Fifty-seven percent of the homes were priced below $300,000, and 6 percent were priced above $1 million.

"One of the reasons our pricing has been on the increase for the past 30 months is because we're coming off historic low inventory," Mygatt said. "As inventory goes up, it's going to put increasing pressure on pricing to go down. The question is: What is going to happen in January, February and March?"

Counties included in the report are Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, Elbert and Jefferson.

Margaret Jackson: 303-954-1473 begin_of_the_skype_highlighting              303-954-1473      end_of_the_skype_highlighting or mjackson@denverpost.com

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