Lower home inventory on the market than in the recent past could create some buyer urgency, as well as price support. ( Craig F. Walker, Denver Post file photo )

The number of single-family home resales in 2009 in metro Denver dropped 13 percent compared with the previous year, according to an analysis of Metrolist data.

Last year, 33,669 previously occupied homes sold, compared with 38,661 in 2008, according to the analysis performed by independent real estate consultant Gary Bauer.

The number of condos sold during the same period dropped 9 percent to 9,064, from 9,962 in 2008.

The analysis also showed:

• The most homes sold in the $200,000-to-$299,000 price range during both years.

• The largest number of condos sold during both years was in the $100,000-to-$159,999 price range.

• Homes priced over $1 million accounted for 384 sales in 2009, compared with 587 in 2008.

• Condos priced over $1 million accounted for 23 sales in 2009, compared with 51 in 2008.

Bauer said he expects home sales this month to be sluggish. However, they should start to pick up in February and March, he said, as first-time buyers rush to take advantage of the $8,000 tax credit that was extended through April 30.

He's also telling a number of his clients that now is the time to move if they want to take advantage of the $6,500 credit available to buyers who have owned their existing homes for at least five years.

Gretchen Faber, broker-manager of the Kentwood Co. Cherry Creek, said the low inventory of homes on the market is creating some buyer urgency.

At the end of December, there were 16,456 homes on the market, down 16 percent from the same time a year ago.

"Some buyers are waiting for new inventory to come on because they think they've seen everything," Faber said. "It's probably a good time to put something on the market, but it has to be at a really competitive price. Buyers are picky, and they're still expecting a good deal."

ReMax Professionals broker Jack O'Connor said that while inventory is down compared with last year, it will rise in April, May and June, around the same time the tax-credit program expires.

"2010 is going to look a lot like 2009," O'Connor said. "As inventory rises and with the potential of interest rates rising, sales will be about the same as '09."