Record Setting Heat AND Home Prices Last Month!

Last month, Denver’s real estate market heated up as quickly as its thermometers. According to a recent article in the Rocky Mountain News, it’s been a hot summer for Denver real estate, which is quite a relief after a cold winter combined with an even chillier real estate market.

In June, Denver residents not only saw record-breaking temperatures but also record average and median sales prices of $304,055 and $268,008, respectively. It seems that the high end Denver real estate market is doing especially well, which is driving up the average home price. Almost 100 of the homes sold in June were priced over $1 million. Many suburban communities including Castle Rock and Parker have average home prices hovering around the half million mark.

Another bright spot is that the number of unsold homes dropped from June of 2006 while the number of homes under contract increased. In addition, the rapid number of foreclosures is declining and builders have decreased production in recent months, which has further helped an overly saturated market. 

All of these signs along with increased activity in phone calls and website traffic make us optimistic that the market is on the rebound. Do you have questions about the ever-changing Denver real estate market? Please feel free to contact us at 303-400-6060 or visit our website at http://www.teamcoxrealtors.com, which is packed with helpful resources on buying and selling Denver homes.

You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.