Home sales reports for Denver housing market

A recent article in the Denver Business Journal cited three industry reports that all show positive findings for real estate in Denver. The source reported that all three reports conclude that "2012 continues to post sales activity not seen in years."

One report cited by the Denver Business Journal indicated that the number of homes and condos that were sold in September amounted to 3,949, which is down from the 4,685 homes sold in August but an 18 percent increase over September 2011. This is the highest level of homes sold in September since 2008.

The report additionally showed that average sales prices were at $282,305 in September, which is on par with sales prices in August but 11 percent higher than sales prices in September 2011. The amount of time a home remains on the market was valued at 64 days, which is down from 105 days in September 2011.

Looking at inventory, there were 10,470 homes for sale in September, which is 3 percent less than the inventory in August and 33 percent less than were available in August 2011. The Denver Business Journal cited another report from industry professional Jim Smith, which used MLS data to look at homes under contract. The report indicated that 51 percent of the homes that were on the market under the price of $200,000 were under contract in September. Eleven percent of luxury homes were under contract.

"The data speaks for itself," Smith said to Denver Business Journal. "What we're seeing in all price ranges is that buyers are still active … If 50 percent of the homes [are] under contract, that shows you homes are being snapped up like crazy."

A Coldwell Banker Residential Brokerage report that was released on September 28 revealed that the number of homes sold in the Denver metropolitan area with a listing price of $1 million or higher saw a dramatic increase in August when compared with last year. In August 2012, there were 73 luxury homes sold in the Denver metro area, which is 38 percent higher than the 53 luxury homes that were sold in August 2011.

The report indicated that the most luxury home sales occurred within the city of  Denver, which saw 18 luxury homes sold. This was followed by 15 luxury homes sold in Boulder and nine sold in each Greenwood Village and Cherry Hills Village.