Home Prices in the Denver Real Estate Market
Which Price Point is Selling in the Denver-area?
According to a recent article in the Denver Business Journal, Denver County had more sales (7,482 closed sales) of single-family homes in 2009 than any other Denver-area county. What sold in Denver County last year? Over one-third of Denver County’s sold homes were considered “affordable homes,” priced in the $100,000-$200,000 price range, while 21 percent of the sold homes were “move-up homes,” priced in the $200,000-$300,000 range.
This trend was also evident in two other Denver-area counties – 37 percent of sold Arapahoe County homes were in the “affordable” $100,000-$200,000 range, while close to half of sold Adams County homes fell into this range.
The $200,000-$300,000 price range, considered to be a “move-up” price, was the most popular range in Jefferson County, Douglas County and Broomfield County. The most homes sold in Boulder last year fell into the $300,000-$500,000 range, although the area has considerably higher prices than other Denver-area communities.
The popularity of the lower price point is likely due to the first-time homebuyer credit that provides up to $8,000 to first-time buyers, and it was recently expanded to move-up buyers. This trend is in line with what we have been seeing with our new clients and inquiries. If you are a first-time homebuyer, or move-up buyer in the Denver real estate market, do not miss this opportunity. For information on Denver homes, 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 Post Year-Over-Year Increase
There is good news for the Denver real estate market. The closely-watched S&P/Case-Shiller Home Prices Index was released last week, and for the first time since November 2006, home prices in the Denver area posted a year-over-year increase.
Denver was only one out of four cities that had a year-over-year increase in home prices, rising .5 percent between November 2008 and November 2009. This was the first increase after 36 straight months of declines.
This encouraging news, combined with the unprecedented homebuyer tax credits being offered by the government right now, makes right now an ideal time to purchase a Denver home.
For more information on Denver home prices, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
What is in Store for the Denver Real Estate Market in 2010?
TeamCox Realtors would like to take this opportunity to wish you a Happy 2010! After the usual holiday greetings we have exchanged with our friends over the past few months, the next most common questions are , “how is the housing market?” or “are things getting better?” or “will our house sell if we put it on the market this year?”
It is important to keep in mind that real estate is cyclical and Denver home prices are already on the rebound. The newly expanded tax credit, combined with the lowest interest rates in years, makes for a promising market in the spring of 2010. We believe that this year is as good ever to move up or to purchase a home that better fits your current needs.
Things are looking up for several reasons:
Homebuyer Tax Credit Extended and Expanded
You’ve been hearing about the first-time homebuyers’ tax credit for months now, and may have even overlooked it if you already own a home. It is your turn to cash in on a tax credit! Here is what you need to know:
The Worker, Homeownership and Business Assistance Act of 2009, signed into law on Nov. 6, 2009, extends and expands the first-time homebuyer credit allowed by previous Acts. Under the new law, an eligible taxpayer must buy, or enter into a binding contract to buy, a principal residence on or before April 30, 2010 and close on the home by June 30, 2010. For qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 return. The new law also authorizes the credit for long-time homeowners buying a replacement principal residence, and raises the income limitations for homeowners claiming the credit.
Denver Home Prices are Inching Up
The highly respected highly respected S&P/Case-Shiller Home Prices Index for the third quarter 2009 was recently released, revealing that the Denver real estate market was the best year-over-year performer of the 20 cities surveyed.
If your home is too small, you are an empty-nester, or you simply want to upgrade, now is the time to act. Historically low interest rates and the newly expanded tax credit can work in your favor, as either seller or a buyer. We believe that there is pent-up buyer and seller demand out there, resulting from the past couple of years’ sluggish market conditions.
For more information on 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 Rebound
Denver Real Estate Market Outperforms Rest of the Country
The closely watched S&P/Case-Shiller Home Prices Index was released today, revealing that the Denver real estate market was the best year-over-year performer of the cities surveyed. Denver home prices only declined 0.1% from between October 2008 and October 2009. This marks approximately nine months of improved readings in these statistics, beginning in early 2009. Sales of existing homes, which are included in the S&P/Case-Shiller Home Price Indices, have been very strong in recent months, helped by shrinking inventories.
For more information on Denver home prices, or regarding the general 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 – December 2009
Number of Denver homes under contract drops last month, while home prices rise
There is good and bad news in November’s Denver real estate statistics that were released this week. It appears that entry level and move-up buyers had a sense of urgency to put homes under contract by the end of October, not expecting the deadline for first-time homebuyer’s tax credit to be extended, and to even be expanded, to March 30, 2010. This left the November statistics nowhere to go but down. There were 3,444 Denver-area homes placed under contract last month, which was a 29.9% decrease from the 4,910 homes placed under contract in October. This is a far bigger number than the typical month-to-month seasonal drop.
The good news is that the average price of a single-family home closed in November rose to $265,498, a 9.45% increase from a year ago, and a 1.4% increase from October. The median price of a single-family home last month was $218,000, which was 11.8% higher than a year ago. In the first 11 months of the year, 53,146 homes were placed under contract in the Denver area and 39,111 home were closed. There were only 18,061 unsold homes on the market last month, which was a 17% drop from a year ago. The weekly sales rate rose to 4.4% in November, compared with 3.86% in November 2008.
All of these are encouraging signs for the Denver housing market. Mortgage rates are also hitting rock-bottom lows, making this a great time to purchase a home in Denver. 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.
Looking for Denver Real Estate Market Statistics?
Looking for Denver real estate market statistics? TeamCox Realtors’ trusted partner, Land Title, has put together detailed numbers for you. We will be updating these statistics on a regular basis, so please check back often. As always, please let us know if you have any questions on the ever-changing Denver real estate market. We are here to help you with all of your real estate needs!
Click Here for Updated Denver Housing Market Statistics
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
Denver Home Prices Rise for Sixth Straight Month
Denver Home Prices Rise for Sixth Straight Month
The closely watched S&P/Case-Shiller Home Prices Index was released this week, revealing that Denver home prices rose one percent from July to August, which is the sixth consecutive monthly increase. Home prices were down close to 2 percent from August of 2008. The Denver real estate market continues to outpace almost every other city in the country.
This is more good news for the Denver housing market, along with a decreasing number of foreclosures and a decreasing unemployment rate.
For more information on Denver home prices, or regarding the general 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 – October 2009
Denver Real Estate Update – October 2009
The weather is cooling off, but how is the Denver real estate market faring this fall? Metrolist released its September statistics this week, revealing that the Denver housing market has definitely stabilized over the past few months.
The year-over-year picture isn’t pretty – single-family and condo sales decreased 15 percent from 2008. The price trend offers hope, though, with the average sold price ($251,112) for a Denver home, including single-family and condominiums, increasing 4.88 percent from last year.
There is more good news to report in September, including that Denver housing inventory is 17 percent lower than it was a year ago, and almost 2 percent lower than it was in August. Lower inventory is crucial to a housing inventory.
There is also good news about the Denver economy. The state’s jobless rate fell a half percentage point in August to 7.3 percent. This is the lowest number since February and it contradicts the upward trend of national unemployment rate of 9.7 percent, which inched up last month.
Despite the bright spots, we are still in the midst of a Denver buyer’s market. This is simply the best time in recent memory to purchase a home in the Denver housing market. Interest rates are hovering at around 4.85%, and there is a great selection of homes on the market. Plus, if you are a first-time homebuyer in Denver, you do not miss you’re your opportunity to take advantage of the government’s First Time Homebuyer’s Tax Credit until November 30th.
For more information on 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 Post Another Impressive Gain
Denver Home Prices Post Another Impressive Gain
Standard & Poor’s highly anticipated S&P/Case-Shiller Home Prices Index was released today, and the news continues to be good for the Denver housing market.
Denver home prices increased another 1.5 percent from June to July, along with previous increases for the past several months. One notable part of the report is that home prices have climbed back to 2008 levels, which is further evidence that Denver’s battering from the national recession is nearing an end.
The national real estate picture is also looking much better, boasting a 1.6 percent price increase in July.
For more information on Denver home prices, or regarding the general 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
The monthly S&P/Case-Shiller Home Prices Index was released today and Denver home prices continue to lead the pack, rising a whopping 2.5 percent from May to June. National home prices have also finally stabalized and are even slightly rising in some places. This is raising hopes that the national real estate slump is coming to an end.
This is wonderful news for the Denver housing market! For more information on Denver home prices, please contact TeamCox Realtors – your Denver real estate specialist – at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.