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?
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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
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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
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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.
First-Time Homebuyers Driving Denver Real Estate Market
The deadline is looming to take advantage of the once-in-a-lifetime homebuyer tax credits! The deadline is April 30th for Denver first-time homebuyers to go under contract (to qualify for the $8,000 tax credit) and for move-up buyers to qualify for the $6,500 credit, which is less than three weeks away! It is evident from the Denver housing market’s March statistics that first-timers are driving the market, as they helped boost Denver-area home sales by nearly 50 percent from February to March, and by 12.4 percent from March 2009. A whopping 70 percent of Denver homes sold in March were priced below $300,000 and below $200,000 for condos, indicating that first-time Denver homebuyers were in command.
The median price of a Denver-area home also increased in March, rising 12.3 percent to $229,000, a 12.3 percent increase from last year.
If you are interested in taking advantage of these tax credits, do not delay! For information on purchasing a Denver home, or regarding 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 Homes Prices Rise from Last Year
There is more good news for the Denver real estate market! Denver home prices stacked up well against other major cities in the recently-released S&P/Case-Shiller Home Prices Indices. The report indicated a 2.6 percent increase from January 2009 to January 2010. This sharp percentage increase was enough for Denver to have the 6th highest year-to-year price increase in the index of 20 major cities. It was also the best annual price increase since the fall of 2006, the start of the housing meltdown.
We see this as yet another good sign that the Denver housing market has stabilized and it already on the rebound. Do not miss your opportunity to purchase a home in the Denver buyer’s market, and to take advantage of the tax credits. 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.
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.
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.
