Pending Home Sales Rise in Denver Area
Denver Real Estate Market Bucks National Trend
The Denver Post reported today that nationally, the number of previously owned homes declined 7.6 percent from December to January, while pending home sales in Denver increased 21.9 percent during the same period.
This is just one more piece of good news for the Denver real estate market, which has been predicted to rebound more quickly than most other areas in the United States. Denver homebuyers are responding to the once-in-a-lifetime tax credits that are being offered.
For more information on how you can take advantage of the government tax credits, or regarding Denver homes, please contact TeamCox Realtors at 303-400-6060.
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.
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.
Denver City Council Approves New Lowry Development
Admist a dispute lasting until nearly 1:00am this morning, the Denver City Council has approved the redevelopment of an old Lowry air base today. According to The Denver Post, the development, which is located north of Alameda Avenue near South Clinton Street, will consist of nearly 1,000 housing units, 400,000 sq. ft. of retail space, and 120,000 sqare feet of office space.
We will keep you updated on the latest news on this upcoming Lowry development. For information on upcoming Denver real estate projects, please contact TeamCox Realtors at 303-400-6060.
TeamCox Realtors – Treating our clients’ real estate transactions as if they were our own.
New Denver Homes
What’s happening with Denver builders right now?
It’s amazing to think that the Denver homebuilding industry, which was roaring only five years ago, has been so quiet recently. What is going on with the industry? Two recent reports by the Denver Post, along with our own observations, reveal a few new trends in the homebuilding arena.
New homebuyers are attracted to features, not size, right now. Smaller, simpler homes are selling, partly because of the new Homebuyer Tax Credit, which is attracting many first-time buyers. The recession has also taught people to analyze their finances and buy what they can afford versus the maximum approval price..
Like all current Denver sellers, builders are facing fierce competition from foreclosures, which has forced them to find creative ways to remain competitive. They are finding success with building smaller, less expensive homes. Shea Homes recently opened its first community at Reunion in four years, targeted at younger buyers, which features smaller and simpler designs
Regardless if you are a first-time homebuyer, or a move-up homebuyer, now is the time to jump into the Denver real estate market. For information on purchasing a Denver home, please contact TeamCox Realtors at 303-400-6060. We have extensive knowledge of all of the local Denver homebuilders, and we are here to share our insight with you.
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 are Denver Buyers Really Looking for?
It’s the burning question that every Denver seller wants to know right now. What are Denver homebuyers really looking for right now? The answer is simple. Traditional real estate principals will drive the Denver real estate market in 2010 – location, price and condition. While professionally staged homes are attracting the best offers in the shortest period of time, a competitively-priced, well-presented home in the Denver area, will also win some hearts. If your home is located near good schools, it is another plus.
If you would like ideas for low or no-cost improvements that you can accomplish to make your home more saleable, I am an Accredited Staging Professional, and would be happy to offer you suggestions to maximize the return on your investment. A few simple improvements can bring in better offers in a shorter amount of time.
For information on selling your home in the Denver area, 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 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.
Colorado’s Population Continues to Grow
People are moving to Colorful Colorado! The U.S. Census Bureau released updated population estimates last week, showing that Colorado’s population passed the 5 million mark this year, adding 90,000 residents. This is a 1.8 increase, which ranks fourth nationally. Wyoming, Utah, and Texas were the only states with a higher growth rate than Colorado.
The increase was a surprise amidst the recession and is good news for the Denver housing market. For information on relocating to 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.