MONTHLY MLS UPDATE

Good news in May 2009 for home and condo sellers around the Denver Metro area: 1 in 6 homes sold. Of the 20,734 active properties (single family homes and condos), last month 3,623 sold. Equally positive, we're seeing the expected seasonal increase in number of homes for sale and activity. This means overall we have an active and balanced market. The number of sellers and buyers is smaller by about 20% from this time last year. The average days on the market is 104 days, up a bit from this time last year. Even though May 2009's average sales price is up 4% from April 2009's average sales price, prices this year are down about 5% compared to prices last year in May 2008. Home sellers are still needing to compete in the beauty contest and price war to be chosen by today's buyers. Homebuyers are finding loans requirements more strick, fewer homes to choose from and stiff competition with investors for value-priced homes. Most of the changes are due to the number of foreclosed and short sale homes throughout the past couple of years. Hopefully, the number of foreslosed and short sale homes will continue to decrease as 2009 progresses, so our real estate sector of the economy can continue to recover. Since real estate is very local, much like our Colorado weather microclimates, contact me for the specifics in your neighborhood!