Hello,
Welcome to my new blog! This is my first post ever so please excuse me if it isn't perfect. I had to start with something.
The Denver real estate market has been soft for the last year and a half. All you have to do is read the newspaper and they will wiill be happy to tell you all the negative news about the housing "bubble".
Here's a different perspective. Sales have not been the problem. They are down now only about 3% year in year over year statistics. The problem has been the number of homes on the marketd has risen dramatically. They increased from only 20,000 to almost 32,000 for a high this last summer.
But, the last two months of statistics report by "Metrolist", our multilist system, show a decliine of over 12% in the number of homes on the market. See the full story on my website at: http://www.larryhotz.com/blog/denver-rebound/
Listings are already down now to just over 27,000. But, the direction in lower. That is great for our local real estate market because a downturn in listings preceeded a market recovery in 1989. By 1990, sales were headed back up and so did prices.
I know it sounds self-serving to say that this market may be nearing its bottom. But, it might be. Let's watch the market stats next month to see if listings decline again significantly. If they do, this Spring could be unusually hot for our local real estate market.
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