TeamCox Realtors always keeps a close eye on the monthly S&P/Case-Shiller Home Prices Indices report, which was released yesterday. There was some good news and bad news in this month’s report. The good news? Denver was ranked 6th out of the 20 market surveyed. The bad news is that according to Case-Shiller, Denver home prices declined 2.5 percent decline from November 2009 to November 2010, which was higher than the 1.6 percent average for all metro areas. Nine real estate markets, excluding Denver, fell to their lowest since the real estate peak in 2006, and many experts are forecasting a “double dip” in the national real estate market.
However, Metrolist data presents a conflicting picture to the Case-Shiller data. According to Metrolist data, Denver home prices increased across all price ranges in 2010. According to the Denver Business Journal, nine of the 10 neighborhoods with the highest average sold prices last year — led by Boulder County areas — showed increases from 2009 prices.”
All of this is good news for the Denver real estate market, as it continues to outperform the national one. TeamCox Realtors does not foresee a double dip in the Denver housing market. We feel strongly that Denver home prices have stabilized and are even rebounding in many areas.
If you are a prospective Denver homebuyer, there is no better time than the present to purchase a home. There is a great selection of homes to choose from, and interest rates are still near historical lows, but are expected to rise in the future. This perfect scenario will not last forever, so don’t miss the opportunity to purchase your dream home in Denver.
For information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.