Today Real Estate writer John Rebchook of Inside Real Estate News published an article about the Denver real estate market and the S&P/Case-Shiller Home Price Index.
While across the board, the metrics did not show well for real estate across the country - but there was a glimmer in the Denver market not to miss.
Of the twenty cities followed by the Case-Shiller report, Denver ranked #1 of seasonally adjusted changes from September to October of 2010. The other cities overall had a one percent drop except for Washington DC which was ranked second and positive month to month sales.
While statistics can look bleak, I am confident with the market with the continued stabilization post tax credits.
Last week I got to sit down and talk with John and was mentioned in the article with my insights to the 2010 market and predictions as we move into the new year. As I explained to John:
We're seeing how the market is performing with what I call the tax-credit "training wheels" off. One by one, the tax incentives to buy a home are going to be going away, with the big one being the tax credits. It is encouraging to see the market is continuing to stabilize without the tax credits. Another way to put is that we continue to bounce along the bottom., with a 2 percent or 3 percent plus or minus change, which ultimately will smooth out over time.
Personally Denver's ranking as the #1 city on a seasonally adjusted basis in October to November is not a surprise-it re-affirms or corroborates that we have been seeing this counter-cyclical seasonal activity this winter. This market is performing at a higher level of activity this winter than is usual.
Another point I made to John is that it's tough to pinpoint why there is starting to be a resurgence in the number of people re-locating to the Denver area. However, on our site COhomefinder.com we are able to see the first indications of real estate interest in property searches as they're created. Colorado remains an attractive place to live and Colorado does not have the volatility of many other markets, so it as not as scary to jump into. Colorado's unemployment is below the national average, although we still do not have enough job growth. Yet other home buyers may be looking to close to take advantage of the low interest rates, fearing that they will rise next year.
For very local insight, down to the neighborhood, please be sure to visit 8z Real Estate market stats page which has stats for Colorado, Denver's Highlands neighborhood, and Boulder's Crest View and Martin Acres neighborhoods.