The Saddle Rock Real Estate Market – A Look at 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. 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.
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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. There should continue to be opportunities above $500k for the foreseeable future but the bargains below this price range will peter out unless we see significant additional negative economic factors in the Denver economy. For sellers above $500k a bounce back won’t be apparent until lending terms on jumbo loans improve and more buyers have increased confidence in the economy and their 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.
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