Good news for Colorado " fewer unsold homes on market |

Good news for Colorado " fewer unsold homes on market

John Rebchook
Rocky Mountain News
Vail, CO Colorado

The number of unsold homes in the Denver-area market dropped by 21.14 percent in September from September, 2007, according to a report released this morning based on Metrolist data.

The report, by Mike Cox of RE/MAX Professionals, showed there were 23,932 unsold homes on the market, compared with 30,335 in September 2007.

“Months of inventory is decreasing,” Cox said in his report. “In September of 2007 there was 8.2 months of inventory available, while in September of 2008, there was only 5.6 months of inventory.”

The number of all homes and condos placed under contract jumped to 5,269, a 21.71 percent increase from the 4,329 homes placed under contract in September 2007.

The number of single-family homes placed under contract rose 22.88 percent from September 2007, and the number of condominiums placed under contract rose by 17.12 percent.

“It was a very surprising month,” said Gary Bauer, an independent broker who will release his own report later today, based on the same MLS data.

“There was a lot of sales activity, especially considering with everything going on in the financial and credit markets,” Bauer said. “I think there is a lot of pent-up demand out there.”

All homes placed under contract in September dropped by 5.74 percent from August. However, home sales almost always drop from August to September for seasonal reasons.

However, the median, or middle, price of a home sold and closed last month fell 11.78 percent to $216,150, compared with $245,000 in September 2007. The median price of a single family home was down 3.93 percent from August.

The median price of a condo sold was $139,900, a 5.47 percent drop from September 2007.

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