Denver Real Estate Market is Warming Up! 

Conditions are ripe for a recovery in the Denver real estate market this summer. There are several indicators, including stabilizing home prices, increasing home sales, decreasing inventory, and a declining average number of days on the market. Metrolist released its July numbers this week, which indicate a 2.9 percent increase in the number of homes sold in July from last year. Other pieces of positive news include that the number of homes for sale in Denver plunged 15.9 percent from last year and it even dipped slightly from June. 

While the report revealed that Denver home prices have declined an estimated 10 percent from last year, this likely a result of investors buying foreclosed properties. This trend is likely to be temporary, since according to a recent article the Rocky Mountain News, experts are predicting Denver foreclosures to peak in 2008. 

Other good news is that the Denver real estate market is outperforming the national one. Because of its strong employment market, Denver continues to weather the economic downturn better than most cities. This is expatiating the real estate market’s recovery. The S&P/Case-Shiller Home Price Indices report was released this week, revealing that the Denver real estate market had one of the largest price increases. While most cities saw a decline in home prices, the Denver area had a price increase of 1 percent from April to May. In addition to Denver, Boston, Dallas, and Charlotte, also posted 1 percent gains during the same time period. 

If you are a prospective homebuyer, it is time to find your dream home while conditions are still optimal for buyers. If you wait, it may be too late! For more information on navigating through the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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