The Market for Saddle Rock Real Estate in 2009
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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. 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.
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're looking for a good Saddle Rock real estate bargain you can be confident the number of opportunities will drop as we move through 2009. 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.
Article Source: Articlelogy.com
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