Ok. January is now past us and we are well into the new year. So what is happening in the Denver real estate market? Is buying a home in Denver or the suburbs a good idea this year? Maybe buying investment property in Denver? Let’s take a look at a few resources and real estate trends and get some perspective.
One highly regarded source of real estate trends and statistics is the Case-Shiller Index. The recent figures coming from this report show that Denver is one of only 4 US cities in this 20 city composite that show a year over year increase in values from November 2008 through November 2009. Some may argue that these figures were taken for the period just prior to the extension of the home buyers tax credit and that these gains may only reflect buyers trying to beat the previous deadline for this credit. However, the Denver real estate market has shown signs of relative strength for awhile with a flattening out of major price declines and I am bullish on the recovery. This certainly is not going to be a quick rebound, rather a slow but overall positive gain.
The Case-Shiller Index certainly isn’t a definitive answer to the Denver real estate market’s statistics but it gives us an idea of local Denver real estate trends. In looking at the MLS statistics taken from Metrolist, these figures show an overall decline in the median sold price of single family listings(Residential and Condo) for the Denver Metro area of only 0.8% year over year from December 2008 to December 2009. Slightly different than the Case-Shiller and takes in to account this past year’s holiday season.
Of course, this reflects overall real estate activity and prices differ from area to area and price range to price range. However, with values nearly stable and trending upward, I think it is time to reinvest in Denver real estate whether that is buying your own home or investment property. If you need help identifying a home for your next purchase, give me a call or email and I would be happy to help.
Steve Scheer, Denver Realty Partners
Real Estate in Denver & The Suburbs
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If you would like more information on the Denver area or more information on Denver real estate, contact Steve at 720-849-6101.
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