November 23, 2005

Denver gets worse? Amazing. Home cost, sales go down - Median price falls to $248,250; unsold inventory still large


I was in this market for a few weeks last month, and stopped to look at some lofts downtown and also homes in Boulder. For a market with ZERO appreciation the past five years (i.e. not playing in the bubble trouble) it was still WAAAYYYY over priced - $700,000 for a 2 bedroom house in Boulder, and $600,000 for a 1200 sq. ft. condo in Denver.

But boy were there listings - soooooooooooooo many listings. And they're STILL building lofts by the thousands - with no buyers.

So, duh, prices are coming down. In a market with no appreciation for five years. Ouch.


While November hasn't exactly been a turkey for Denver-area home sales, there's little to be thankful for if you're trying to sell your house in this mostly flat market.
Two reports released on Tuesday tracking the previously owned home market show that sales and prices are down and the supply of unsold homes didn't fall as much as expected.

In addition, rising mortgage rates and foreclosures are expected to continue to hammer the first-time housing market, experts said.

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