Colorado Shows Strong Home Sales Along the Front Range.
Metrolist (The local MLS that works mostly with the Denver Area Markets) just posted thier data for November and showed some nice improvement for year over year numbers. The number of sales closed in 2008 was 2,355 in 2009 the number grew to 2,751 a positive change of 16%. The number of closings year to date is still down 13%.
The average days on market showed a strong decline of 15.1% going from 93 days to 79 days. This shows us that what is selling is moving rather quickly when you factor inn 30 days to escrow most properties are going under contract in less than 40 days that are currently selling.
The number of active listings has fallen 19.1% from 16,755 to 15,575. The average sale price has risen 9.5% year over year.
Probably the most interesting change is to see the absorption rate drop below six months to 5.2 months. If we see the absorption rate drop into the 4 month range we will be moving to a Sellers market.
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