The 2009 Saddle Rock Real Estate Market
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.
While this represents a 5% drop in average prices from the second half of 2008, there are several factors that suggest the underlying value of Saddle Rock real estate is continuing to hold up well. It doesn't help that there have been no sales above $600k, and very few above $500k. This drop-off in high-end sales and prices, is consistent with broader market trends in Denver, and a significant factor in the drop in average prices.
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. If you are looking for a bargain above the $500k price range they can still be found however lower price ranges will continue to rise unless more economic hard times hit the area. Sellers in the $500k range should not expect a bounce back in their market until the lenders have resumed lending on higher loans and until buyers have better job security.
The Denver market will continue to strengthen during 2009 while you can expect the Saddle Rock real estate market to stay resilient. Sellers that price their homes well will receive fast results similar to those in the past. The underlying value of the homes in Saddle Rock real estate combined with the minimal downside risk should give buyers confidence even if they don't find a bargain. - 23226
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.
While this represents a 5% drop in average prices from the second half of 2008, there are several factors that suggest the underlying value of Saddle Rock real estate is continuing to hold up well. It doesn't help that there have been no sales above $600k, and very few above $500k. This drop-off in high-end sales and prices, is consistent with broader market trends in Denver, and a significant factor in the drop in average prices.
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. If you are looking for a bargain above the $500k price range they can still be found however lower price ranges will continue to rise unless more economic hard times hit the area. Sellers in the $500k range should not expect a bounce back in their market until the lenders have resumed lending on higher loans and until buyers have better job security.
The Denver market will continue to strengthen during 2009 while you can expect the Saddle Rock real estate market to stay resilient. Sellers that price their homes well will receive fast results similar to those in the past. The underlying value of the homes in Saddle Rock real estate combined with the minimal downside risk should give buyers confidence even if they don't find a bargain. - 23226
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 decisions.
posted by X - Men @ 2:02 AM
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