The National Association of Realtors (NAR) reports market conditions for metropolitan areas. In the latest report, NAR reports an increase in median sold prices for the Denver-Aurora (Colorado) area of 3%. (4th Qtr 2009 sold prices to 4th Qtr 2010 sold prices.)
Of course, NAR reports information accurately based upon information it has, and there is no intent of deception. However, if one was to break down the median sold price increase/decrease by neighborhoods within the metropolitan area, one would find that some neighborhood median prices increased and others decreased. By breaking the information of the comparison of median sold prices to more specific area one would get more specific indicators for a specific neighborhood.
One advantage we have here at Your Castle Real Estate is that the company owner, Lon Welsh, provides to his agents a map of the metropolitan area, breaking down the median price increases/decreases to specific neighborhood areas. Some neighborhoods have seen median price decreases and others significant increases.
This information also includes “months of inventory” related to absorption rate for specific areas. Some areas are up and others are down using this indicator. Whether an investor purchaser or buyer occupied home buyer this information would be valuable to consider with all the other information. Of course, when selecting a buyer or listing agent it is wise to consider the knowledge and information the agent can provide.
Your Castle Real Estate prides itself on Local Knowledge – Total Commitment.
Please feel free to contact me regarding sales information on your neighborhood in the Denver – Aurora metro areas.