I received an interesting e-mail today from my Denver Title Rep Jim Renshaw with Land Title. The attached graph is one of several that he sent me showing some recent positive trends in the Denver metro housing market. One thing worth noting in the chart below is that November 09 sales surpassed sales for the same month in 2008, and were comparable to 2007 levels. Another article I received last week showed that in the Colorado Springs market home prices in November 09 actually increased .50% from median sales prices for November 08.
I would suspect that one factor in the increased number of sales in November 09 was due to the original expiration date for the first-time buyer tax credit, which has now been extended but was originally set to expire at the end of November.
If nothing else, this data at least suggests that we are seeing some improvement in the Colorado marketplace. The interesting thing will be to see how we fare through the winter months, and perhaps even more importantly, what will happen once the extend tax credit ends next June.