Each year, springtime ushers in warmer weather, flowers in bloom, the crack of a baseball bat (go Rockies!) and renewed energy for the housing market. After the winter hibernation, anxious homebuyers come out in force trying to find that special place to call home, and sellers finish up last minute touchups and put their homes on the market.
This year is no exception. The Colorado market seems to be gradually heating up along with the temperatures. Most of our local offices are reporting steady to improving sales activity and overall market conditions.
Don't get me wrong. While many parts of the Colorado are seeing progress on the housing front, the picture isn't uniform across the board. Some cities are experiencing stronger markets than others. In some communities, certain price ranges are hot while others are tepid. And even within a local market, while one property may get eight or 10 offers, another sits idle waiting for a single buyer.
Nonetheless, the recent uptick in activity in general is providing encouragement to Realtors as well as home sellers.
A variety of indicators-including investor and cash purchase levels and adjustable-rate loan use-are pointing toward a more normal market. And while the housing market has certainly moved well back from its challenges two years ago, we still have a ways to go.
Distressed properties are still an issue in some counties and drag on prices. Mortgage financing is still problematic for some borrowers as well.
What this tells us is, we appear to be moving in the right direction. I'm encouraged that the spring rejuvenation in many of our markets will continue in the months ahead, especially if the economy and the local job market continue to improve.