Denver Home Sales Rally

DataQuick reports September sales in the Denver metro area were up from last year’s numbers, although the market is still struggling. While the September sales increase marks the …

DataQuick reports September sales in the Denver metro area were up from last year’s numbers, although the market is still struggling. While the September sales increase marks the third consecutive month of year-on-year gains, it was still the second-lowest September performance in 13 years. The median sales price across the eight-county survey area was also down for both new and resale homes. The Denver market is still seeing a significant amount of interest from absentee and cash buyers making investment purchases. For more on this continue reading the following article from TheStreet.

The number of homes sold in the Denver region rose above the year-earlier level for the third consecutive month in September, but the sales tally still ranked as the second-lowest for that month in at least 13 years.

The median sale price fell slightly from both August and a year earlier as the level of investor and cash buyers edged higher, a real estate information service reported.

A total of 3,715 new and resale houses and condos closed escrow in September across the eight-county Denver-Aurora metro area. That was down 11.7% from August but up 19.3% from a year ago, according to San Diego-based DataQuick. The firm tracks real estate trends nationally via public property records.

A drop in sales between August and September is normal for the season, partly because many families try to close escrow and move before school starts in late summer. On average, sales between August and September have fallen 8.6 percent over the past 13 years.

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September sales fell 28.6% below average for that month and were the second-lowest — behind September 2010 — for any September since at least 1998, when DataQuick’s complete Denver-area statistics begin. Sales of both existing homes as well as newly built homes were the second-lowest in DataQuick’s statistics.

The Denver metro area statistics in this report and in the table below reflect sales in Adams, Arapahoe, Broomfield, Clear Creek, Denver, Douglas, Jefferson and Park counties.

The median price paid for all new and resale houses and condos sold in the Denver region during September was $210,000, down 2.3% from August and down 3.2% from a year earlier.

The September median was 15.2% lower than the Denver area’s peak $247,569 median in June 2006. After peaking, the region’s median sale price fell to as low as $170,000 in January 2009. Extremes aside, though, the median hasn’t changed a lot in the last seven years.

Absentee buyers, a group that includes investors and vacation-home buyers, accounted for 25.1% of the Denver area’s September home sales. Absentee buyers paid a median $144,000 in September.

Buyers who appeared to have bought with cash represented 26.5% of September sales. They paid a median $152,286.

Short sales — transactions where the sale price fell short of what was owed on the property — made up an estimated 10.1% of the Denver region’s resale transactions in September.

This article was republished with permission from TheStreet.

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