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June Sales
by Larry Hotz, All Denver Real Estate
Okay, I must admit that I am as surprised as anyone. I was expecting June homes sales to have declined in Denver. I was expecting to report that Denver hasn’t yet seen the bottom of its real estate market. But neither of those things happened! I am pleased to actually report good news released by the Denver MLS service, Metrolist.
Contracts to purchase existing homes remained nearly constant from the previous month and actually improved nearly 3% from the previous year. Closed sales were even more surprising. Closings were up almost 4% from the previous month. That may not seem like a lot but it becomes more significant when you consider that inventories of existing homes are actually declining.
Active listings of both residential single-family and condominiums decreased about 1% from the previous month. But, they decreased almost 14% from the same month last year. It’s beginning to look like a classic reversal of both the supply and demand curves.
Why was I surprised? I guess because I have been working primarily with higher priced homes which have not seen the same dramatic turnaround as homes priced under $500,000. In those higher price ranges, good homes that I think are well priced are still lingering on the market and in some cases taking more price decreases. In spite of that, sales at The Kentwood Companies were $70 million in June. That was the second best June sales on record for the firm.
Interestingly, the average price for a single-family home increased over 4% last month. I know that did not come from sales of more million-dollar properties. It must’ve been attributable to more homes selling at slightly better prices in the lower price ranges. Perhaps, the recent decline in foreclosure sales may have had something to do with that.
I don’t feel like I can call a turnaround in the market at this point. But if these trends continue through what are usually difficult summer sales months, people will start calling a bottom to the market. Some are real estate sales in Denver traditionally wilt with the summer heat. July and August sales statistics will likely point to either the fact that the market did bottom in the spring or we just enjoyed a spring break from an otherwise lackluster real estate market. Time will tell.
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