John Rebchook is a former Rocky Mountain News reporter with more than 30 years of experience in writing and communications... Title companies were busy last month.
July was the best month for Denver-area home closings so far in 2009, according to a report released today, although most of the numbers were anemic by historical standards.
There were 4,440 home c losings last month, a 6.1 percent increase form the 4,185 in June, although a 13.3 percent drop from the 5,123 in July 2008. Home closings typically take place at title company offices.
The number of homes placed under contract fell by 10.1 percent from July 2008 to 5,286 from 5,664 in July 2008, and they were down 6.7 percent from the 5,664 in June, according to the report based on Metrolist data released by independent broker Gary Bauer. Under contracts represents current sales activity, while closings represents sales that took place earlier in the year.
The reprot also shows that the average price of a home sold in July was $276,654, down 5.4 percent form $183,860 in July 2008.
The median, or middle price of ahome, however was basically flat from a year earlier at $229,900.
The number of unsold homes on the market fell 18.6 percent to 20,890 from 25,673 in July 2008, but is up 0.2 percent from June.
“The Denver resale home market is alive,” said Bauer.
Homes priced from $200,00 to $500,000 account for 52 percent of the market. Homes under $200,000 were 30 percent and those between $300,000 and $500,000 were 22 percent of the market. Of the condominiums sold, 52 percent of them sold for less than $150,000.
“It is not uncommon for offers to be received at or above list price and the seller requests the prospective buyers to resubmit offers on the basis of “best and final offer”,” Bauer said. ”
David Simonson, of RE/MAX Professionals, also is seeing a lot of activity at the lower end. That, of course, tends to drop the average price of homes, when compared to previous time periods.
“While high-end homes are moving, they’re just not moving with the same speed and zel of homes pried under $300,000,” according to Simonson.
Simonson, like Bauer, is pleased with the direction and momentum in the market.
“Summer has treated the Denver real estate market well, thus far,” Simonson asid. “The market has remaisned on a steady upswing, with seven straight months of continued increases in inventory and sales.”
He siad the 100 average days on the market to sell a typical home is “in ine with an extremely active market.”
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[...] The weekly sales rate in July was 5.84 percent, according to a report released today by independent broker Gary Bauer. Bauer bases his report on monthly statistics gathered by Metrolist. I reported on it in an earlier blog. [...]