The Market for Saddle Rock Real Estate 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.
The average price of homes in Saddle Rock for 2009 has been $285,332. 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.
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.
You must keep in mind that the averages have been lowered due to the increase of sales below $300k. Because of the $8,000 first home buyer's credit, lower interest rates, first time buyers, and the burning off of short sales, the Denver market has become very similar to Saddle Rock's market. 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. - 23162
The average price of homes in Saddle Rock for 2009 has been $285,332. 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.
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.
You must keep in mind that the averages have been lowered due to the increase of sales below $300k. Because of the $8,000 first home buyer's credit, lower interest rates, first time buyers, and the burning off of short sales, the Denver market has become very similar to Saddle Rock's market. 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. - 23162
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 get more real estate information about the Saddle Rock homes area before making any major decisions.
posted by X - Men @ 2:55 AM
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