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05/13/2005: "Used home sales reach record $14.9 billion "

Rocky Mountain News

URL: http://www.rockymountainnews.com/drmn/real_estate/article/0,1299,DRMN_414_4345766,00.html


Area's average price reaches $281,188, up 5.8 percent for year
By Gargi Chakrabarty, Rocky Mountain News

December 28, 2005

Metro-area home buyers paid a record $14.9 billion for previously owned homes this year, up 4 percent from 2004.
The average price of a home in the Denver area rose 5.8 percent this year to $281,188 - an appreciation rate that is in line with the past three to four years.
Home sales this year easily topped 2004's total of $14.35 billion, although about 1,000 fewer homes were sold. Only 53,005 sales were closed this year, compared with 54,012 a year earlier.
This year's hot spots were Cherry Hills, Greenwood Village, Washington Park, Congress Park and the Denver Tech Center.
"2005 obviously was a strong year," said Steve McGuire, a Realtor with RE/MAX Professionals. "We had a record in terms of sales closed this year. The only thing that worries me is the level of inventory - we are about 13 percent higher than last year."
Inventory is the number of available homes that are unsold, and a higher inventory can lower the value of homes. The reports by independent broker and consultant Gary Bauer, McGuire of RE/MAX Professionals, and Coldwell Banker Colorado show a current inventory of 23,572 homes this year - up 13 percent from 20,891 homes at this time last year.
The reports also show that a home sat on the market 90 days on average before it was sold this year, slightly longer than the 85 days in 2004.
A higher number of sales closed in the $400,000 to $600,000 range as well as in the $1 million and above category. But home sales were significantly lower in the $250,000 to $350,000 range, in part because first-time home buyers, who typically buy in this price range, were hit by rising gasoline prices and home heating costs. Also, they were more affected by mortgage rates that have steadily crept up this year.
"If anything about the Denver market concerns me, it is the lack of appreciation over the past two to four years compared to what other areas like California, Chicago or Florida have," said Chris Mygatt, president of Coldwell Banker Colorado. "But the good news is, Denver is a normal market where home values are appreciating at a modest rate. There is no fear of a real estate bubble here since prices haven't increased dramatically like in some other communities."
The median price of a home, or the middle price with an equal number of homes sold above and below it, rose 4.4 percent to $246,613.
This year's average and median price appreciation rates, although in the 4 percent to 6 percent range that has been the norm since 2002, are a far cry from the 15 percent appreciation rate from 1999 to 2000.
In contrast, California and Florida posted appreciation rates of more than 20 percent this year. Mygatt, however, said Denver could see a healthier appreciation rate next year.
That is because, historically, Denver has moved counter-cyclically to California, and California's real estate market is cooling down.
The National Association of Realtors has forecast that the Front Range will post an average appreciation of 7 percent each year in the next two years, Mygatt said. The NAR forecast is based on the job growth predicted in this region as well as the recent boom in the energy sector.
According to Bauer, the Denver market will continue to perform about the same in 2006, with homes appreciating at a 6 percent clip. Bauer said the inventory level is not a concern because Denver has seen similar or higher levels in the past four to five years.
"Inventory still is within line of the past few years," Bauer said. "I think it will be a nice 2006."

By the numbers

23,572 The inventory of unsold homes on the market in the metro area. That's up 13 percent from last year. A higher inventory can lower the value of homes, according to real estate experts.
7% The amount home prices are expected to appreciate each of the next two years.
90 Average number of days that a home sat on the market this year before it was sold. That's up from 85 days in 2004.
chakrabartyg@RockyMountainNews.com or 303-892-2976
Copyright 2005, Rocky Mountain News. All Rights Reserved.

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