The Market for Saddle Rock Real Estate in 2009
Saddle Rock real estate and the communities that surround it had seen a huge drop in sales during 2008, which many communities have also endured. The first few months of 2009 have seen the continuation of some interesting trends and reinforced the underlying strength of this neighborhood.
So far in 2009, the mean for the 88 homes that have been sold is about $285,000. The homes that have been sold were on the market for an average of 97 days and the concessions for them is about $2,500.
Even though this 5% drop in average prices looks enormous at first glance, there are several factors that show that the value of the Saddle Rock real estate is still strong. Firstly, the volume of sales above $500k has been mediocre to say the least - up to mid-May there had only been four sales above $500k and none above $600k. The lack of higher end sales causes the overall average sales price to lower, making it similar to the broader market trends of Denver.
You must keep in mind that the averages have been lowered due to the increase of sales below $300k. Once again, this is consistent with broader trends in the Denver market which we believe are driven by more first time buyers entering the market (motivated by the $8,000 first home buyer's credit and lower interest rates) and a short-term "burning off" of short sales and lender owned properties which occurred in the first quarter. We should expect to see the average prices of homes increase during the 2009 summer as the number of days that homes are on the market are decreasing as well as the amount of lender owned properties.
If you want to find a good Saddle Rock real estate deal, you should expect that the number of bargains will drop throughout the 2009 year. There should continue to be opportunities above $500k for the foreseeable future but the bargains below this price range will peter out unless we see significant additional negative economic factors in the Denver economy. For sellers above $500k a bounce back won't be apparent until lending terms on jumbo loans improve and more buyers have increased confidence in the economy and their job security.
The Denver market will continue to strengthen during 2009 while you can expect the Saddle Rock real estate market to stay resilient. Seller's who price intelligently will see relatively fast results and prices not dissimilar to previous selling seasons. Buyer's will still be able to find some bargains through distressed sales but can also have confidence that whatever Saddle Rock real estate they buy, there is underlying value and minimal downside risk compared to many other markets. - 23204
So far in 2009, the mean for the 88 homes that have been sold is about $285,000. The homes that have been sold were on the market for an average of 97 days and the concessions for them is about $2,500.
Even though this 5% drop in average prices looks enormous at first glance, there are several factors that show that the value of the Saddle Rock real estate is still strong. Firstly, the volume of sales above $500k has been mediocre to say the least - up to mid-May there had only been four sales above $500k and none above $600k. The lack of higher end sales causes the overall average sales price to lower, making it similar to the broader market trends of Denver.
You must keep in mind that the averages have been lowered due to the increase of sales below $300k. Once again, this is consistent with broader trends in the Denver market which we believe are driven by more first time buyers entering the market (motivated by the $8,000 first home buyer's credit and lower interest rates) and a short-term "burning off" of short sales and lender owned properties which occurred in the first quarter. We should expect to see the average prices of homes increase during the 2009 summer as the number of days that homes are on the market are decreasing as well as the amount of lender owned properties.
If you want to find a good Saddle Rock real estate deal, you should expect that the number of bargains will drop throughout the 2009 year. There should continue to be opportunities above $500k for the foreseeable future but the bargains below this price range will peter out unless we see significant additional negative economic factors in the Denver economy. For sellers above $500k a bounce back won't be apparent until lending terms on jumbo loans improve and more buyers have increased confidence in the economy and their job security.
The Denver market will continue to strengthen during 2009 while you can expect the Saddle Rock real estate market to stay resilient. Seller's who price intelligently will see relatively fast results and prices not dissimilar to previous selling seasons. Buyer's will still be able to find some bargains through distressed sales but can also have confidence that whatever Saddle Rock real estate they buy, there is underlying value and minimal downside risk compared to many other markets. - 23204
About the Author:
John Fitzgerald is a realtor/real estate investor with 15 years experience in Denver, Colorado. Come visit his site Saddle Rock Real Estate that is updated frequently and get more real estate information about the Saddle Rock homes area before making any major decisions.
posted by X - Men @ 2:50 AM
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