Is the Denver real estate market finally showing signs of a long awaited rebound? TeamCox Realtors definitely thinks so! According to a recent Denver Post article, the number of Denver area homes sold in May increased 9.4% from April. While this number is still down over 8 percent from May 2007, the monthly increase is a great sign that conditions in the Denver housing market are improving. The median prices for a Denver single-family home ($226,500) and condo also slightly increased from April to May.
Even the battered national housing market is showing signs of improvement. The National Association of Realtors released its Pending Home Sales Index report today, which indicates the number of resale homes currently under contract. The number of pending sales in April was the highest-level in six months. The Midwest and the West fared particularly well with 13 percent and 8.4 percent increases in pending sales, respectively. This crucial report is a good indicator of real estate statistics in the coming months. Foreclosures, which continue to hamper both the local and national real estate markets, are attracting droves of bargain hunters – another sign that the market has finally bottomed out. Colorado, which ranked number one in foreclosures in 2006, is now ranked only number 25, but continues battle a high foreclosure rate of 3.28%.
If you are a prospective Denver homebuyer, this may be your last chance to enjoy a buyer’s market. With market conditions improving and interest rates inching up, this summer is the time to find your dream home! For more information on the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
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