Archive for Denver Home Prices
Denver Real Estate Update – August 2010
As the summer winds down, there is good news and bad news for the Denver real estate market.
Let’s get the bad news out of the way first. The Denver housing market continues to feel the hangover effect from the homebuyer tax credit that expired at the end of April. The number of homes sold (3,259) in Denver last month dropped 26.6 percent from July 2009. It seems that the buying frenzy leading up to the tax credit expiration is going to take awhile for the market to absorb.
What is the good news for the Denver real estate market? The Denver median home price increased 4.4 percent last month to $240,000. The other piece of good news is that new foreclosure filings in Colorado, 4,890 or one out of every 432 homes, decreased 9.3 percent last month from July 2009. This landed Colorado in the 13th spot nationally for number of foreclosures, which is better than the 10th spot the previous month.Foreclosure filings are down 8.6 percent in the Denver area.
Although there has been a lull in home sales this summer, there is still much to be grateful for, especially that interest rates are at historical lows and that there is a great selection of homes to choose from. Prospective Denver homebuyers do not want to miss out on this once-in-a-lifetime opportunity.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Home Prices Continue to Rise
TeamCox Realtors always keeps a close eye on the monthly S&P/Case-Shiller Home Prices Indices report, which was released today. There was good news for the Denver real estate market with Denver home prices rising once again from last year. This is the seventh month in a row that Denver home prices have shown a year-over-year increase.
The closely-analyzed report indicated a 3.6 percent increase from May 2009 to May 2010, and a .6 percent increase from April of May to this year. The year-over-year increase was the thirteenth best showing in the country.
If you are a prospective Denver homebuyer, there is no better time than the present to purchase a home. There is a great selection of homes to choose from, and interest rates are hovering at historical lows. This perfect scenario will not last forever, so don’t miss the opportunity to purchase your dream home in Denver. For information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
Denver Named Most Improved Housing Market
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Uptick in Denver High-End Home Sales
There is good news for the high-end Denver real estate market, a segment among the hardest during the downturn. The Denver Business Journal reported this week that June sales activity for Denver resales priced over $1 million hit its highest level since 2008. In June, there were 77 homes sold that were priced over $1 million, a 3 percent increase from last year, and a 22 percent increase from last month.
This is great news for the health of the overall Denver housing market, since high-end homes have not moved quickly over the past years. This has been a great frustration to Denver sellers who are trying to downsize into smaller homes. It is a great relief that luxury homes are finally starting to sell in a shorter amount of time.
Denver Business Journal’s article cites that Denver had the most high-end sales, along with Boulder, Castle Rock, Cherry Hills Village, and Greenwood Village.
We hope to hear more encouraging news like this over the coming months, as historically low interest rates will increase Denver buyers’ buying power, often pushing them into a higher price point. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
Is Now the Time to Invest in a Denver Home?
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
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.
Denver Real Estate Update – July 2010
There is good news and bad news for the Denver real estate market this summer. We’ll start with the bad news first. Denver home sales stalled following the expiration of the homebuyer tax credits at the end of April, resulting in a 31 percent decrease in properties under contract for sale in June 2010 from June 2009. This was a completely expected hangover from the intense sales activity leading up to the April 30th expiration of the homebuyer tax credits.
The good news? According to the recently-released S&P/Case-Shiller Home Prices Indices and recent data from Metrolist, Denver home prices increased year-over-year for the sixth consecutive month in a row. Metrolist data reveals that despite the drop in sales, Denver’s median home price increased to $244,000 in June, a 2.7 percent increase from June 2009. This is also an increase from May’s median price of $230,000.
There are so many reasons to purchase a Denver home right now, the main one being that interest rates hit a 50-year low last week – landing between 4 and 4.6 percent depending on the loan type. These once-in-a-lifetime low interest rates give Denver homebuyers an opportunity to purchase their dream home at a higher price point than they would have been able to purchase only a few months ago. There is also a great selection of Denver homes for sale, as the inventory of homes for sale increased slightly in June.
While the tax credit party has definitely ended for the Denver real estate market, we expect a continued steady recovery fueled by low interest rates. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Home Prices Rise Again
There was more good news for the Denver housing market last week. According to the recently-released S&P/Case-Shiller Home Prices Indices, for the six month in a row, Denver home prices increased year-to-year.
The closely-analyzed report indicated a 4.4 percent increase from April 2009 to April 2010. This is the tenth best showing in the country. Denver home prices rose 1.7 percent from March to April, which was the seventh highest monthly increase of the 20 cities in the report. The average price increase of all cities surveyed was 3.8 percent. San Francisco saw the biggest year-to-year increase in April (18 percent), along with San Diego (11.7 percent) and Minneapolis (9.5 percent).
Slow and steady has always won the race for the Denver housing market. It never saw the huge gains in housing prices that many other cities had, and didn’t suffer the huge falls that followed. For information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
Denver Named Most Improved Housing Market
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
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 Real Estate Update – June 2010
Summer in Colorado is finally here, but is the Denver real estate market heating up with the weather? According to recent Metrolist statistics, the expired homebuyer tax credit continued to boost the Denver housing market in May, as completed sales of homes and condominiums increased a whopping 20 percent from last year.
The bad news? The number of Denver homes put under contract in May decreased 27 percent from 2009, largely the result of the April 30th expiration date of the homebuyer tax credits. Homes must be closed by June 30th to qualify for the tax credit, so June’s numbers will also benefit from the tax credits. The median sold Denver home price increased 4.6 percent to $230,000 from last year.
Denver sellers finally have the confidence to put their homes on the market. As a result, the number of Denver homes for sale rose 6.2 percent from last year. Homes were on the market for an average of 75 days, a 27.9 decrease from 2009, and a five percent decrease from April of this year.
If you are a prospective Denver homebuyer, don’t miss your opportunity to take advantage of historically low interest rates and a great selection of homes for sale. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Real Estate Update – May 2010
The federal homebuyer tax credits that expired at the end of April caused a frenzy of sales activity throughout the Denver metro area last month. According to recent Metrolist statistics, the largest number of Denver-area homes (6,616) was put under in any April since the mid-1980s. This is a 27 percent increase from April 2009, and a 12 percent increase from March of this year. The average selling price also increased to $274,253 last month, up from $254,442 in April 2009. Another piece of encouraging news is that the average days on the market (DOM) decreased to 80 days, a 23 percent decrease from April 2009.
One continuing trend is that Denver County had the most home resales (2,844) in April out of the entire Denver metro area. The Arapahoe County real estate market also fared well with second-highest (1,781) number of home sales.
We hope that this momentum will continue for the Denver housing market now that the homebuyer credits have expired – prospective Denver homebuyers need to remember that interest rates are still hovering at historical lows and there is a great selection of homes for sale. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Home Prices on the Rise
There was more good news for the Denver housing market this week!
Denver home prices continued to stack up well against other major cities in the recently-released S&P/Case-Shiller Home Prices Indices. The report indicated a 3.6 percent increase from February 2009 to February 2010. This sharp percentage increase – for the fourth consecutive month - was enough for Denver to have the 5th highest year-to-year price increase in the index of 20 major cities. Cities boasting a higher percentage price increase than Denver included San Francisco (11.9%), San Diego (7.6%), Los Angeles (5.3%), and Washington, D.C. (5%).
For information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
