Saddle Rock Real Estate - The Market 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.
In 2009 so far, there have been 88 homes sold in Saddle Rock at an average price of $285,332. The average selling time for the homes has been 97 days while the concessions have been in the neighborhood of $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. It doesn't help that there have been no sales above $600k, and very few above $500k. Without these higher end sales the average value of real estate is becoming similar to the broader market trends of Denver.
Also, in comparison to 2008, the volume of sales below $300k has also increased and skewed the averages lower. 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. There is an excellent chance that the average price is going to rise again in the summer of 2009 due to the length of time that homes are listed for and the fact that lender owned properties are decreasing.
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.
As the Denver market strengthens during 2009, you can expect Saddle Rock real estate to remain resilient. Seller's who price intelligently will see relatively fast results and prices not dissimilar to previous selling seasons. Distressed sales will lead to some bargains in the Saddle Rock real estate market however there is less risk compared to other markets because of the underlying value. - 23222
In 2009 so far, there have been 88 homes sold in Saddle Rock at an average price of $285,332. The average selling time for the homes has been 97 days while the concessions have been in the neighborhood of $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. It doesn't help that there have been no sales above $600k, and very few above $500k. Without these higher end sales the average value of real estate is becoming similar to the broader market trends of Denver.
Also, in comparison to 2008, the volume of sales below $300k has also increased and skewed the averages lower. 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. There is an excellent chance that the average price is going to rise again in the summer of 2009 due to the length of time that homes are listed for and the fact that lender owned properties are decreasing.
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.
As the Denver market strengthens during 2009, you can expect Saddle Rock real estate to remain resilient. Seller's who price intelligently will see relatively fast results and prices not dissimilar to previous selling seasons. Distressed sales will lead to some bargains in the Saddle Rock real estate market however there is less risk compared to other markets because of the underlying value. - 23222
About the Author:
John Fitzgerald is a realtor/real estate investor with 15 years experience in Denver, Colorado. Visit his website Saddle Rock Real Estate that is updated frequently and discover more real estate information about the Saddle Rock homes area before making any major decisions.
posted by X - Men @ 3:43 AM
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