I’m always trying to develop new metrics — new ways of analyzing our local real estate market, especially when what I’m seeing and experiencing here is so different from the picture painted in the national (and Denver) media.
Below are two such metrics that I devised in the last six months. If you look at the changes over time for both metrics, you really get a sense that our market has sprung back to life, despite national reports to the contrary.
Developing such new metrics is made easy by Metrolist, Denver’s MLS, which has created an advanced search capability under “Prime Access” that allows unlimited search combinations.
Here’s another measurement I made just now: Of the 8,028 new listings entered on the three Front Range MLS’s this April, 2,955 or 36.9% were sold or under contract by the end of the same month. Of the 8,162 entered in March, 51% are now under contract or sold.
NOTE: A higher-resolution image of these tables is posted at www.JimSmithColumns.com.