The Denver area real estate market ranked number 3 in the latest (November 2009) S&P/Case-Shiller Home Price report. The report tracks 20 metropolitan areas and ranks them based on real estate price performance.
The Denver area showed a 0.5% increase, and ranked 3rd, trailing only Dallas (+1.4%) and San Francisco (+1.0%.) The only other city showing a positive number was San Diego +0.4%.) In October 2009, Denver was rated the #1 market overall with a .1% loss. This is very positive news for the area, and for real estate nationwide!
I believe the reason for the improvement was the urgency caused by the end of the first time homebuyer credit. Since then, we know the tax credit has been extended to April 30th of this year, so the increase should continue through the first quarter of the year. The first time buyer market, those home priced under $250k, has firmed up tremendously and I am seeing a continuation of that.
Overall, the 20 markets in the index dropped 5.3%.