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Denver Real Estate Market Update - Feb., 2010

Services for Real Estate Pros with Mike Hendren Photography

February 15, 2010 03:19 AM

So, how's the real estate market doing here in Denver?

“If you believe real estate is cyclical, then the facts show the market has hit bottom and is on the way back up.” ~ Jack O'Connor

Denver currently has the lowest inventory of residential and condo properties in the last 7 years. We also have the most homes under contract (for Feb.) since 2006. These low inventories should help 2010 continue to improve over what we've been experiencing the last few years.

Another factor that should have a positive impact, at least for the next few months, is the Tax Credits that were expanded and extended to April 30th, 2010. Remember:

First time buyers may be eligible to receive a tax credit up to $8,000.
Move-up homeowners may qualify for up to $6,500 in tax credits.
To take advantage of these credits, you must be under contract by April 30, 2010, and close by June 30, 2010.

Finally, interest rates remain low, hovering around 5% - still providing the opportunity to buy a home at historically low mortgage rates.

So, the residential real estate market in Denver is actually looking up and beginning to show signs that the worst may be over.

Information courtesy of Jack O'Connor, Re/Max Professionals, LLC.
All data taken from Metrolist, Inc, on Feb. 4, 2010. Denver, Colorado.