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Is it 1996 again?

(source: Lonnie Glessner)

 

The Fewest Closings Since 1996:
  • The number of closings (Denver Metro) in 2010 dropped 7.7% to 38,818 closings, the lowest level since 1996.
  • The average sales price of a single family home in December was $274,625, down 2.5% from December 2009 and down 2.4% from November’s average sales prices.
  • However, the median price in December increased 1.8% from December 2009 levels. When compared to November the median price dropped 3.8%.
  • The number of homes placed under contract in 2010 dropped 12.2% to 49,313. This tells me nearly 10,500 buyers did not close on their purchase or 21% of them did not close! OUCH!!!
  • Patti Silverstein said the market is not suffering from a huge over-supply of homes as “I think the housing market is very close to equilibrium.”