It seems that we have all been looking down quite a bit lately – everyone is looking for the bottom of the stock market, and for the bottom of the Denver real estate market. While I’m still looking for the bottom of the stock market (hopefully, it is almost here!), it certainly seems that we have already hit the bottom of the Denver real estate market. Metrolist released its monthly sales figures yesterday, which revealed that Denver home sales continue to increase, while inventory continues to decrease. The statistics indicated that there was a 14.1 percent increase in Denver home sales from September 2007 to September 2008. Inventory plummeted 21.1 percent from last year. The only blip was that the median Denver median home price of $216,150 is a 12 percent decrease from last year.
There is also positive news on national real estate market front. The National Association of Realtors released its Pending Home Sales Index today, which indicated that pending sales of existing U.S. homes unexpectedly increased 7.4 percent in August to the highest level in over a year.
These are all encouraging signs for the state of the Denver housing market. What does this all mean for prospective Denver homebuyers? It is important to act as soon as possible, since inventory will go up in the first quarter and prices should increase marginally. This will be especially true as more homes go off the market for the holidays.
For more information on the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.
If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate AssistanceFor more information on the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.