DENVER
Denver has always had the most small income property sales annually due to having more than twice as many properties as the second largest county, Jefferson. This year was no different but the drop in the number of sales was a drastic 39% plunge from 303 in 2006 to only 185 in 2007. There were 112 less 2 to 4 unit sales!
The Mile High City continued on from 2006 where it had the highest Average Sales Price and the Highest Average Price per Square Foot. Denver passed Jefferson County as the highest average sales price leader last year and continues this year with a small increase to $369,683. It also is tops in all counties with an average price per square foot of $134.
Denver’s Average Days on the Market was at 119 days. That is better than the other 3 counties but 4 months is still nothing to be very proud of.
Denver should continue to best the rest of the Metro Area. The City and County will at some point lead a metro recovery that could be well ahead of the national economy.
The depressing real estate press that we (Denver-Metro area) have been receiving seems to have been well deserved. But we now are starting to see some small bits of positive thinking sneaking into the media. The chief economist for the National Association of Realtors said recently that Denver could one of the brightest markets in the country, bucking the national trend.
If we can show any positive numbers in the 2nd Quarter relative to the national economy, we will garner tons of positive press. Many other markets will continue be beaten down with negative news from foreclosures and falling prices. We could be the recipient of ton of positive national media exposure even if we can show only slight gains. Why, you ask?
The Democratic National Convention will be in Denver at the end of August. This will be a major publicity coup for the whole state if handled correctly. Every major news agency will be in town with some of their big guns. There will be more satellite trucks in Denver than were here for the World Series. There will be all sorts Rocky Mountain references in the press through out the country and many local stories interspersed with all the political coverage.
Democrats, thank yourselves! Republicans, thank a Democrat. Let's hope for some good news that the conventioneers and the national press will play up! Something all real estate investors will be thankful for!
CITY & COUNTY OF DENVER 2007 2-4 SALES
- RE/MAX 100 INC.
- Independently Owned & Operated
- 710 Kipling St., Suite 110
- Lakewood, CO 80215
- 303-232-4444 office 1-800-537-0002
- 303-202-2221 direct 303-232-6919 fax
