What the Housing Report Means for Denver Homeowners

As a Denver homeowner, you may have followed recent news stories which reported that the Standard & Poor's Case-Shiller Home Price Index for 20 large cities fell 0.8 percent in March from February. Reporters shared their opinions about what that might mean for the economic recovery and Wall Street stocks went down in response. On the surface it may sound like things are difficult nationally, so that's why it's important to step back and examine what the information means to you on a local level.

With a closer look, it shows that the Denver housing market is actually doing pretty good in comparison to what's going on in other areas. A house that is priced out of reach for most budgets in California is affordable here. The price for Denver real estate begins in the low $100,000's. For the average single family home, the price is below $250,000.

The S&P report includes a chart of housing prices in 20 cities for the last decade. It shows many experiencing wild fluctuations, but the line for Denver is pretty consistent, revealing that the economy's impact has been much milder here than in most other cities. Over the long run, our housing prices have actually increased 23.3% since January 2000. That's a good sign because it demonstrates that our area has a solid economic foundation that can continue to sustain prices through difficult times.

In fact, our housing prices are just about right for the current economy - not too high, not too low. Homebuyers can find a quality home that's reasonably priced and mortgage rates to help them buy it. Denver home sellers may find that people who have been waiting out the recession are finally beginning to start house-hunting because the prices are so attractive. Companies could begin building or relocating to Denver again because the market here has been relatively stable and they know they'll be able to attract employees who are looking for a great house at an affordable price.

If you've decided that it's time for you to buy a Denver home, our team of real estate experts at Bandy Homes can answer your questions and show you some terrific homes in Aurora; family-friendly real estate in Castle Rock, including the two communities of homes in Castle Pines with prices starting at $400,000; and properties in the Denver Metro Area, including a wide variety of homes in Littleton where prices start as low as $200,000.

Marianne Bandy 

Consider relocation to Denver, Colorado.