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House, condo sales pick up in June
For Immediate Release On: 7/8/2008
For Further Information, Please Contact:
Denver Business Journal at
Relevant Info on the Web: http://www.bizjournals.com/denver/stories/2008/07/07/daily10.html
Sales of houses and condominiums as well as their selling prices were up from May as the housing market entered the busy summer selling season. But both the sales volume and prices were down in June compared to the same month a year ago.
Sales and selling prices also were down for this year's first half, compared to the same period of '07, according to data released Tuesday by Metrolist Inc. of Greenwood Village. The information was provided by Metrolist members including independent metro Denver broker Gary Bauer and Re/Max Professionals Inc. of Highlands Ranch.
Metrolist's data covers existing homes, or those that already have been sold at least once, as opposed to newly built homes.
"Although median prices aren't where they were a year ago, neither is the size of the homes being sold," Mike Cox, an agent at Re/Max Professionals' Highlands Ranch office, said in his report of Metrolist data.
Median selling price is the middle price, where half the selling prices are higher and half are lower. Real estate professionals consider median price a truer measure of price than an average because it's not skewed by highest and lowest selling prices.
As of June, the average size of a house selling in Highlands Ranch was 2,224 square feet, compared to 2,422 square feet in June of last year. In Aurora, that differential was 1,588 square feet compared to 1,874 square feet.
The soft condo market also has whittled away at its overabundance of inventory, decreasing it by 22.5 percent to roughly 6,000 units as of June 30.
The following other data also was released in the Metrolist report:
Sales of existing houses decreased 5.39 percent in June to 3,847 from the same month last year, but increased 3.5 percent from May.
House sales for this year's first six months fell 6.66 percent to 18,561 from 19,885 in last year's first half.
Median selling price for existing houses dropped 12.55 percent to $230,000 in June year over year, but increased 1.55 percent from the previous month this year.
The most popular selling price range for houses metrowide in June, with 29.4 percent of sales, was the $200,000-to-$299,999 range.
Year-to-date median selling price for houses dropped 9.04 percent to $224,900 from $247,250 for the same period of '07.
Existing condo sales fell 6.11 percent to 998 in June over the same month last year, but increased 5.39 percent from May.
Year-to-date condo sales were down 12.76 percent to 4,910 from 5,628 for last year's first half.
Median condo selling price decreased 6.08 percent in June to $148,345 from June '07, and were basically flat compared to May.
Most condos -- 19.4 percent -- sold in June were in the $110,000-to-$149,999 price range.
For this year's first half, the median selling price for a condo was down 9.15 percent to $139,000 from $153,000 for last year's initial six months.
About Trenka & Associates: Trenka & Associates is one of Downtown Denver's leading Real Estate Companies. http://www.condosandlofts.com
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