DEAR FRIENDS, CLIENTS, AND ASSOCIATES:

HOW'S THE REAL ESTATE MARKET?

Denver continues to remain one of the nation's standout real estate markets Accourding to the S&P/Case-Shiller houses index. At the end of the July, Denver's current inventory for single-family residences and condominiums totaled 20,890 compared to 25,673 in July 2008. This is 19% reduction in housing inventory on a year on year basis for the month of July. Denver has 5.8 months supply of unsold single-family homes and condominiums compaired to 9.6 months nationally. The average price for single-family residences and condominiums is $276,654 and $165,530, respectively.