Resales Down, Sold Price Up in Metro Denver

February 08, 2011 / Russell Legato, Residential Property Analyst

In Metro Denver area, home resales were down for the month of January, but the average home price or sold price in the area rose due to the “getting stable” economy, according to data from Metrolist Inc, a Multiple Listing Service (MLS) that serves the greater Denver-Metro area. But, luxury homes ruled in 2010 in Denver.

Resales Down, Sold Price Up in Metro Denver

The sale of luxury homes or $1 million-plus homes in Denver showed the largest percentage increase in 2010 compared to 2009, according to report from an independent real estate broker Gary Bauer.

However, resales for average homes and residential towers like condominiums declined for about 8.4 percent for January 2011, where resales are down to 2,156 from 2,353, compared to the same month last year.

The regular sold price for residential properties such as house and homes in Metro Denver area climbed to $252,307 from $238,155 in January 2010 or about 5.9 percent last month.

Sold prices for homes are up last month by 18.3 percent compared to January 2009’s sold price of $213,330.

Existing or resales homes are residential properties that are sold at least once — previously sold homes.

A real estate broker said, sold price for homes climbed because consumer confidence is high due to recovering economy.

Active listings for home resales are also up, 14,456 from 13,305 or 9 percent year over year, another indication for improving home sales in the area, but listings for condominium were in decline.

Listings for condominium are down last month 4,480 to 4,348 year over year. About 15.6 percent decline was recorded for condominium resales or 432 from 512 in January 2011.

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