Denver Real Estate Market Finally Showing Signs of a Comeback!

There are encouraging signs on the state of the Denver real estate market - foreclosures are declining, while sales and home prices are increasing. It seems that the Denver housing market may have finally hit the bottom, and is beginning a long-awaited comeback. There are several statistics to support this notion:

• While year-to-year sales have decreased, Denver area home sales rose 3.9 percent from May to June, suggesting that the market has hit its bottom. 

   

• According to Metrolist, the median price of a Denver home inched up to $230,000 from May to June, a 1.5 percent increase. 

   

• The Rocky Mountain News reported last week that the number of second quarter Denver metro area foreclosures declined 7.5 percent. While the Colorado foreclosure picture still isn’t pretty, it is very encouraging that the foreclosure pace is finally beginning to slow. 

   

• The Denver housing market’s inventory continues to decline. This trend will inevitably lead to a healthier market as home sellers face reduced competition from resales and new homes.

What does this mean if you are a perspective Denver homebuyer? Should you continue to wait the market out, or is it time to dive in? These recent signs of improvement suggest that this summer is a great time to begin the homebuying process. This is the best buyer’s market in years, and you don’t want to miss the selection and negotiating power that it offers. For more information on the ever-changing Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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