Archive for Denver Economy
Is Now the Time to Invest in a Denver Home?
Is it time to move up or move on? We never dreamed that interest rates would reach 4.50% for qualified buyers with secure jobs and a good down payment. This is an historic opportunity for families to take advantage of a combination of low housing prices and low interest rates. In a few years, buyers who have had the foresight to take advantage of these current market conditions, will reflect their “brilliant” decision back in 2010 to invest in a Denver home!
TeamCox Realtors is happy to report that our sales activity this summer is outpacing that of the past two summers. We cannot say that the economy has improved, but Denver has never marched to the same ol’ tune as the rest of the country! In fact, our Denver housing market is so good that Denver was recently named the “most improved housing market” in the country by Businessweek. The report cited a 5.8 percent increase in Denver home prices from the first quarter 2009 to the first quarter 2010, and projects a 5 percent increase in Denver home prices over the next year. It also mentioned, and it is our observation as well, that distressed sales in the Denver area have decreased.
Although sales in the Denver real estate market remain uneven, we feel prices in most areas have stabilized, and are actually appreciating in some neighborhoods. This summer, our repeat buyers represent about 50% of our transactions. Three months ago, repeat buyers accounted for only 34% of home purchases. In a more normal market, the ratio is two-thirds repeat buyers. Improvement is also seen in the average time needed to sell a home as reported by our MLS. In 2009 through May of 2009, the days on the market averaged 102. For the same time period this year, we are averaging 83 days on the market. This is a significant improvement, particularly for the homeowner who has to live with having a home on the market!
Now, more than ever, it is essential that you work with a trusted real estate advisor. In those critical areas, not many agents can compete with TeamCox! For more information, please contact us at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
More Denver Employers Planning to Hire
We recently had an interesting conversation at a closing with one of our clients. To purchase their new home, the buyers qualified on the husband’s salary only. A couple of weeks before they were ready to close, Jessica, the wife, decided to look for a job on Monster.com. There was one job that particularly interested her – a senior project engineer position at a power plant in Golden, located only minutes from her new Littleton, Colorado home. This was it. One job. She applied, she interviewed and she got the job. This is June 2010, not June 2004. While I am sure she was the perfect candidate, this just demonstrates that there are still many opportunities for employment in Denver, Colorado. Congratulations, Jessica!
A recent article in the Denver Business Journal substantiates this claim, reporting that nineteen percent of Denver-area employers plan to hire in the third quarter of this year. This is a great improvement from the previous quarter (13 percent planned to hire), and from the third quarter of 2009 (nine percent planned to hire), According to the article, job prospects “appear best in construction, nondurable-goods manufacturing, transportation and utilities, wholesale and retail trade, information, financial activities, professional and business services, leisure and hospitality and “other services.”
For more information on the Denver economy, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.
What are the Hottest Jobs in Denver?
Denver Named “Most Improved Housing Market”
Denver Named “Most Improved Housing Market”
There is more good news for the Denver real estate market. Denver has been named the “most improved housing market” in the country by Businessweek. The report cited a 5.8 percent increase in Denver home prices from the first quarter 2009 to the first quarter 2010, and projects a 5 percent increase in Denver home prices over the next year. It also mentioned that distressed sales in the Denver area have decreased.
Why has the Denver economy fared relatively well during the recession? Businessweek’s report mentions Denver’s strong job market, anchored by companies in a variety of industries, including the energy sector. This has shielded Denver from some of the harshest national recession winds.
Some other “most improved” real estate markets in the country are Boston, Saint Louis, Pittsburgh, San Jose, and San Francisco.
There is not a better time than the present to buy a home in the Denver area. As the market improves, buyers’ negotiating opportunities diminish. For information on the Denver housing market, please contact TeamCox Realtors at 303-400-6060.
Denver Real Estate Update – June 2010
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Among Nine “Next Frontier” Metro Areas
A recent Brookings Institution analysis of 2000 to 2008 U.S. Census Bureau data reveals that the Denver area (Aurora/Denver) is poised as a model for economic growth in the coming decades. Denver has a young, highly-educated population that will serve as a foundation for future prosperity.
The study named the Denver area as one of nine “Next Frontier” metro areas that are in the best shape to handle a more diverse, growing population. The study analyzed data from 100 metro areas.
A few concerning trends emerged from the data, including a large education attainment gap between Latinos and Whites, and a large gap between high and low earners.
For information on relocation to Denver, or regarding Denver real estate, please contact TeamCox Realtors at 303-400-6060.
What Are the Hottest Jobs in Denver?
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Colorado Cleans Up on Forbes’ “Best Places for Business and Careers”
TeamCox Realtors is always on the lookout for rankings that include Colorado cities, but this one truly takes the cake! Forbes recently released its 12 annual ranking of “Best Places for Business and Careers,” which recognizes multiple Colorado cities. Three Colorado cities – Fort Collins (4), Denver (6), and Colorado Springs (12) – were ranked in the top 12, which is very impressive! Cities were evaluated on 12 criterion, including the cost of doing business, the cost of living, job-growth trends, projected economic growth, crime rates, the number of highly ranked four-year colleges in the area, recreational opportunities, quality of life, and cultural attributes.
This is great news for Denver and for the entire Colorado region, since a strong business foundation is crucial to a strong recovery in the Denver real estate market. The national recession’s impact on the Denver area, and on Colorado as a whole, has been much milder than on other cities, due to its diverse industry base.
For information on relocating to the Denver metro area, or regarding business conditions in the Denver area, please contact TeamCox Realtors at 303-400-6060.
What are the Hottest Jobs in Denver?
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Named Among Country’s “Greenest” Cities
Denver has been ranked seventh among America’s “green cities.” The “Green Cities Index” ranks 43 U.S. metro areas on a variety of environmental factors, including traffic congestion, transit use, water quality, carbon emissions, LEED-certified projects, and the number of “green” jobs. Other “green” cities include San Francisco, Honolulu, Austin, Boston, and Seattle.
On another “green note,” Denverites, don’t forget about earth hour! On Saturday, March 27, 2010 from 8:30-9:00 p.m. the world will send a powerful message that climate change is an important priority. By turning off non-essential lighting for one hour – Earth Hour – hundreds of millions of people across the globe will demonstrate their support for lasting action in protecting the earth’s natural resources.
Established by the World Wildlife Fund, Earth Hour has grown from a citywide effort in 2007 to a global phenomenon that has captured the world’s attention. Each year, individuals, organizations, businesses and state and local governments unite to show their support by turning off the lights at home, the workplace and iconic landmarks such as the Empire State Building, the Las Vegas Strip, Sydney’s Opera House and more. In 2009 alone, nearly one billion people spanning 4,100 cities in 87 countries on seven continents “turned out” for Earth Hour.
For information on living in Denver, Colorado, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver International Airport (DIA) Flies High in Customer Service
Happy Birthday, DIA! While images of lost baggage may linger in your mind when you think of Denver International Airport’s opening in February of 1995, the airport has come a long way in the last 15 years.
CNBC recently reported on J.D. Power and Associates’ 2010 North America Airport Satisfaction Study, ranking airports on a variety of factors, including accessibility, check in/baggage check process, facilities, security checkpoints and food and retail services. DIA was ranked the second highest airport in North America, only behind Detroit Metro (DTW).
DIA scored a 5/5 in Overall Satisfaction, a 5/5 in Accessibility, a 4/5 in Check-In, and a 4/5 in Security. Way to go, DIA! Here’s to many future smooth travels for you via Denver International Airport.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
What are the Hottest Jobs in Denver?
The Denver Metro Chamber of Commerce recently commissioned a study, revealing that several Denver-area sectors have experienced job growth amidst the recession. The hottest sectors for job growth in the nine-county Denver area include:
Aerospace: Colorado’s aerospace sector, consisting of approximately 90 firms, had a 12.1 percent increase in jobs from 2004-2009. This was the best showing among the 50 largest metropolitan areas in the country.
Aviation: The region will benefit from growth at Denver International Airport over the next five to 15 years.
Bioscience: Employment in the region’s medical device section grew 1.6 percent from 2009-2009.
Broadcast and Telecommunications: The Denver metro area ranked fourth for broadcasting and telecommunications’ job growth. The sector grew at 2 percent during the recession.
Energy: The region’s energy sector experienced job growth of 4.6 percent from 2009-2009.
Financial Services: The Financial-services sector ranked fourth in the country for job growth.
Information Technology – Software: The information technology sector employs 2.9 percent of the region’s total workforce.
We’ve been stressing throughout the recession that the Denver area is at an economic advantage compared to other cities, since the region is bolstered by an array of diverse, strong industries. For information on Denver real estate, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
2010 Denver Economic Forecast is Encouraging
The Metro Denver Economic Development Corporation (Metro Denver EDC) recently released its 2010 Economic Forecast for Metro Denver and the news is encouraging.
As we’ve reported numerous times during this recession, the report suggests that Metro Denver’s economy has fared better than many other regions throughout the recession. This can be attributed the region’s diverse base of industries and strong economic fundamentals.
While the Denver-area’s outlook for 2010 is far from rosy, there are many positive factors, including its relocation desirability, and the fact that the Denver housing market has been predicted to be one of the first markets to recover numerous times.
All of this suggests that there is no better time than the present to purchase a Denver home. For more information on Denver’s economy, please contact TeamCox Realtors – Denver real estate specialists – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Colorado Unemployment Rate Dips Again
There is good news on the Colorado job front. The Colorado Department of Labor and Employment released its unemployment figures today and the news is encouraging. The state’s jobless rate fell slightly in November, to 6.9 percent. The figure, which has been decreasing over the past several months, is well below the national unemployment rate of 10 percent.
While a 6.9 percent unemployment rate is hardly a positive piece of news, the underlying story is hopeful for the Denver real estate market, and for the entire state of Colorado. For more information on the Denver-area job market, contact TeamCox Realtors – your Denver real estate specialists – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
