Denver Real Estate Update – May 2009
Spring is finally in the air – the flowers are blooming and the graduation music is wafting through the air. So, has this spring brought good news to the Denver real estate market? While recent numbers from Metrolist present a mixed message, there are signs of hope on the horizon.
The bad news is that Denver-area home sales have decreased significantly from last year (around 20 percent), and that the average sales price of a Denver-area home has decreased by just over five percent from last year.
There is good news this spring, too, including that the number of homes on the market has decreased by 20 percent from last year. Statistically, things are looking better from last month with the number of homes under contract increasing by 7.4 percent, and the number of homes sold increasing by 5.7 percent. Houses are also taking a shorter time to sell – 2.64 fewer days (on average) than last year, and 2.25 fewer days (on average) than last month.
The other piece of good news for the Denver real estate market is that foreclosures decreased 46 percent in the first quarter of 2009 from last year. This is crucial to a Denver housing market recovery.
These are all good signs that the Denver housing market may have bottomed out during the winter, and is already on the path to recovery. If you are a prospective Denver homebuyer, do not wait to jump into the Denver real estate market – historically low interest rates and a vibrant seller’s market makes this an once-in-a-lifetime opportunity to purchase a home in Denver.
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