Sales of existing homes in the Denver area fell 23 percent in September from a year earlier, and the inventory of unsold homes rose 18 percent, according to the latest monthly analysis of Metrolist sales data by broker Gary Bauer.

But there was a smaller month-to-month decline in home resales in September than in previous months.

Bauer said the new numbers continue to reflect the fast that “the economy is soft and consumer confidence remains low.”

An estimated 2,958 resales of existing houses and condos closed in September in the area, down 23.1 percent from the September 2009 total of 3,846 homes, Bauer’s report says.

That follows a 21.2 percent year-over-year decline in August and a 26.6 percent yearly decline in July.

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Meanwhile, home-resale closings in September were down 3.9 percent from August’s total of 3,079, a smaller month-to-month decrease than August’s 5.5 percent drop and July’s 19.5 percent decline.

Separately, Bauer reported that Denver-area existing homes under contract in September totaled 3,646, down 30.3 percent from September 2009 and down 8.1 percent from August of this year. Home sales generally close 30 to 90 days after they go under contract.

There were 23,332 unsold existing homes on the market in September, Bauer figures, up 17.6 percent from a year earlier but down 1.2 percent from August 2010.

Denver-area existing houses sold for a median of $230,000 in September — down a bit from $239,000 the month before but up from a median of $225,000 in September 2009, Bauer said. Condos sold for a median $129,000, down a bit from August’s $130,000 and from last September’s $145,000

As for averages, Bauer reported a September average home sale price of $290,025 and average condo price of $154,913.

For the first nine months of 2010 through September, Bauer reported closed home resales in the metro area down 4 percent from a year earlier.

Existing home sales, or resales, are those of homes that have been sold at least once before. Bauer’s report does not include sales of newly built homes.

The numbers to some degree show the impact of the ending of the federal government’s first-time homebuyer tax credit, for which the deadline for homes under contract to qualify was April 30.

Analysts say the tax credit boosted home sales in the months before the deadline and moved up many purchases that otherwise might have happened in the summer, causing summer numbers to sag more than they would have otherwise.

Bauer, an independent residential broker in Littleton, uses data from Metrolist of Greenwood Village, metro Denver’s Multiple Listing Service, providing home-sale data to real estate professionals.

mharden@bizjournals.com

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Friday, September 24, 2010, 11:32am MDT
Denver-area luxury-home sales hit two-year high in August
DENVER BUSINESS JOURNAL
Sales of luxury homes in metro Denver hit a two-year high in August, indicating the local high-end housing market “is on the mend,” according to a Coldwell Banker Residential Brokerage report released Friday.
A total of 71 homes selling for more than $1 million were purchased last month, up 48 percent from 48 such homes sold in August 2009. Last month’s sales were up 42 percent from 50 high-end home sales in July of this year.
“Luxury home sales were at the highest level since August 2008, before the peak of the financial crisis,” CB’s August 2010 Denver Metro Area Luxury Home Report said. The report uses Multiple Listing Service data.
Chris Mygatt, president of CB in Denver, believes August’s high-end home sales show the Denver-area housing market continues to rebound. “The numbers show we’re significantly ahead of where we were a year or two ago, and that’s reason for encouragement,” Mygatt said in a statement.
Other high points of the luxury housing report:
• The most expensive home sold in August was an 8,346-square-foot house in Cherry Hills Village whose buyer paid $5.25 million.
• Looking at metro-area cities, Denver had the most $1 million-plus home sales, at 20, followed by Boulder with 16. Cherry Hills Village and Littleton each had five sales.
• The average number of on the market for high-end homes that sold in August dropped to 98 days, from 142 days in August 2009 and from 124 days in July of this year.
Coldwell Banker Residential is one of the Denver area’s largest residential real estate brokerage firms, with 14 offices and more than 1,100 agents.
The company is part of NRT LLC, which is a subsidiary of real estate services company Realogy Corp. of Parsippany, N.J. Realogy is owned by affiliates of Apollo Management LP, a New York-based private equity investor.
Apollo used to be majority owner of Broomfield-based Vail Resorts Inc. (NYSE: MTN), owner of Colorado ski resorts such as Vail, Keystone, Breckenridge and Beaver Creek. 

Compiled by the DBJ’s Paula Moore 

Read more: Denver-area luxury-home sales hit two-year high in August – Denver Business Journal 

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5280 Magazine 5 Star Real Estate Agent Award- Jill Schafer 

 The Five Star Real Estate Program did an in-depth research study in Denver in which they surveyed 10,000 – 50,000 recent buyers (all Denver residents who purchased a home over $100,000 within a 12-36 month period), readers of 5280 Magazine and 250 mortgage and title companies. In the study, these folks were asked to name and evaluate real estate agents with whom they had a direct/personal experience with and were evaluated based on: 

• Customer service
• Integrity
• Market knowledge
• Communication and negotiation skills
• Closing Preparation
• Helping Buyers find the right Home
• Marketing a Home being sold
• Overall Satisfaction

The final list of Five Star Real Estate Agents include less than 7% of the real estate agents in the Denver market.  I made the final list!  I am one of the top 7% of Real Estate Agents in the Denver market!!  I do what I do because I love it, but I have to be honest and admit it is nice to be recogonized. 

It is made even more special that it is a 5 Star Award and my marketing program is based on a 5 Star plan and 5 Star Service!  This past year has been a year of being honored by former clients.  Honored by their referrals, honored by their repeat business and most importantly honored by their friendships.  To all I have worked with before, thank you.  To those I have yet to work with, I look forward to providing you 5 Star Service!– Jill Schafer

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10 markets most likely to appreciate

Forbes magazine turned to real estate research firm Local Market Monitor to figure out which markets have the greatest likelihood of price appreciation because they offer a mix of jobs weighted toward growth industries.
These are the top markets, the research company concludes:
1. Raleigh-Cary, N.C.
2. McAllen-Edinburg-Mission, Texas
3. Austin-Round Rock, Texas
4. Nashville-Davidson-Murfreesboro-Franklin, Tenn.
5. San Antonio, Texas
6. Colorado Springs, Colo.
7. Albuquerque, N.M.
8. Denver-Aurora-Broomfield, Colo.
9. Springfield, Mo.
10. Indianapolis-Carmel, Ind.

Source: Forbes, Francesca Levy (09/13/2010)

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Denver-area home resales down 21% in August from 2009 – Denver Business Journal.

RELATED: Denver home prices up 1.8% in June from 2009

RELATED: U.S. home resales plummet 27% in July; at lowest level in 15 years

Denver-area existing homes sold for an average of $268,767, up 7 percent from August 2009 and about even with July 2010, Bauer said. Stand-alone houses sold for an average of $295,516 in August, up from $273,972 a year earlier, but condos sold for an average of $159,382 in August, down from $167,090 a year earlier.

For the first eight months of 2010 through August, Bauer reported closed home resales in the metro area down 1.4 percent from a year earlier.

Existing home sales, or resales, are those of homes that have been sold at least once before. Bauer’s report does not include sales of newly built homes.

The numbers to some degree show the impact of the ending of the federal government’s first-time homebuyer tax credit, for which the deadline for homes under contract to qualify was April 30.

Analysts say the tax credit boosted home sales in the months before the deadline and moved up many purchases that otherwise might have happened in the summer, causing summer numbers to sag more than they would have otherwise.

Bauer, an independent residential broker in Littleton, uses data from Metrolist of Greenwood Village, metro Denver’s Multiple Listing Service, providing home-sale data to real estate professionals.

Read more: Denver-area home resales down 21% in August from 2009 – Denver Business Journal

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MBA Report: 1 in 7 Homeowners Past Due or in Foreclosure

RISMEDIA, August 30, 2010–One in seven homeowners is past due on their mortgage or in foreclosure, according to the Mortgage Bankers Association‘s latest report on home loan delinquencies. The report shows that mortgage delinquencies rose during the second quarter, and overall, one in seven borrowers is delinquent or in foreclosure. That’s up from one in eight a year ago and one in 11 two years ago. Although there was a dip in the share of homes in foreclosure, the report shows that the foreclosure epidemic continues, with millions of homes still at risk. 

This data comes on the heels of a report issued this week by the State Foreclosure Prevention Working Group* that shows over 60% of seriously delinquent borrowers are not getting any assistance at all from their mortgage servicing company. 

“Does it matter if we’re drowning a little bit less?” asked Julia Gordon of the Center for Responsible Lending, responding to the slight decline in foreclosures. “With millions of homeowners at risk and only a fraction of them receiving any help from their mortgage servicer, it’s time to implement mandatory measures to stop foreclosures and help the housing market recover. In fact, it’s past time.” 

* Link to State Working Group report: http://www.csbs.org/regulatory/Documents/SFPWG/DataReportAug2010.pdf 

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