Funny how everyone thinks that the Denver real estate market is in the tank. I've had several clients relocate to the area recently, and their impression of pricing is that the 20% discount is a possibility given the meteoric rise in real estate prices over the last several years. This kind of flawed thinking just goes to reinforce that all real estate is local.
The fact of the matter is that the Denver and even the Boulder real estate markets never saw the huge double-digit gains in real estate appreciation over the past several years that places like Florida and California have seen. The result is that list pricing is pretty accurate for the most part. It's fairly common to see about 3%-4% difference between list and sold prices.
There are still many neighborhoods (including Louisville) and Metro area cities that remain very strong. We've been involved in several competing offers recently. Yes, that still happens.
While we may not have the best real estate market in the country, we certainly aren't in the tank. Foreclosures continue to rise, and they'll continue to place downward pressure on homes in many neighborhoods. That said, we're seeing an increase in the number of buyers who are simply looking for a place to live...not the quick-flippers. And this market seems to reward conservative buyers looking for mid to long-term purchases.