Metro Denver Real Estate Market Awakens

Metro Denver Real Estate Market Report – January 2007

We have been watching some interesting developments in the Denver market that we think you might want to be aware of.

During the last quarter, new listings are sharply down.  In the past year, there have been plenty of sellers that put properties on the market with the thought that “if we can get a good price, we’ll move up”.  Those Realtors that took these over-priced listings and the unrealistic sellers were not successful.  In 2007 there have been an unprecedented numbers of homes that expired, were withdrawn or worse yet, still remain stale on the market.  In most neighborhoods, all you have to do is look around to see first-hand examples.  Adding to the “clutter” is a spate of foreclosed properties.

In recent months, less than serious sellers seem to have understood that the market has been more difficult than they had anticipated.  If those sellers are serious, they have usually spiffed up their home and gotten it priced right.  It’s always about price and once a home is priced correctly—it will sell.  I have never seen a piece of unsaleable real estate.  I have seen plenty of unrealistic sellers!

Its been said that real estate is never as good a deal as it is today and it appears, despite the national news about our economy and the regional newspaper coverage of the foreclosure glut, that right now is the time to invest in metro Denver. TeamCox sincerely believes that given the unabated hiring binge that Denver has been on, the increased wages reflected in those pay checks, the huge sales and leasing of commercial real estate both in Denver and in all four metro quadrants, the Lockheed Boeing relocation all combined with our wonderful lifestyle and weather (well normal winters) have the housing market poised for a dramatic turn around.

Here is some really interesting information on the Denver metro market:

• Denver-based Qwest was ranked “Best Internet Services Provider and “Best

Web Hosting Business” by business customers in a recent issue of Spokane

Business Catalyst magazine.

• Seven Colorado cities were named in the Top 10 Most Technologically Advanced Cities in the US by the Center for Digital Government. Aurora, Colorado Springs, Lakewood, Westminster, Arvada, Pueblo and Boulder all made Top 10 lists based on population size.

• Boulder topped a list of “America’s Smartest Cities,” based on the percentage of

the population with at least a bachelor’s degree, according to a survey posted at Forbes.com. The Fort Collins/Loveland metro area finished seventh on the list.

• Colorado restaurant sales are forecast to top $8 billion in 2007 – a 6.4% gain that ranks 6th in the nation. The national average is 5%.

• Denver International Airport was the 6th-busiest airport in the US based on the

number of 2006 flights, according to the FAA. By number of passengers, DIA

ranks fifth through September. With 3.95 million travelers, October was the 18th

straight month setting a passenger record.

• South Suburban Parks and Recreation’s tennis program has been awarded the

2006 USTA Member of the Year based on customer service, facilities,

programming and tournament growth.

• Denver was the 6th-most popular travel destination in 2006 according to the

Orbitz Insider Index. The top five were Chicago, Las Vegas, New York, Orlando

and Los Angeles.

On a less-than-scientific gage, we are suddenly busier with buyer activity than we have been in a very long time.  Other Realtors that I have spoken with echo the same phenomena.  We’ll have to see how 2007 plays out.  Right now, early indicators say that the Denver metro real estate market may have made the turn.  We may be on the way up from the flat market we have been in for the past five years. 

If a new home is in your plans, there may be no matter time.  Rates are still historically low, prices have not gone up and sellers seem to have become more realistic.  What ARE you waiting for?  We are here to answer any questions you have concerning the Denver real estate market.  Give a TeamCox member a call at 303-400-6060, we love to share our knowledge – there is and never will be any obligation.

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