As soon as the ball dropped (and before), our eyes turned toward 2012, wondering what it will bring. Naturally, TeamCox Realtors has been assessing the Denver real estate market for the coming year.
Here are the top Denver real estate trends that we are seeing during the first week of 2012:
- Increasing home sales: According to recent data released from Metrolist, there were 39,387 Denver homes sold in 2011, which is 1.5 percent increase from 2010. We expect for Denver home sales to continue to increase throughout 2012.
- Low inventory of Denver homes for sale: The inventory level of metro Denver homes has been falling for the past few months – there were 34 percent fewer homes on the market in December 2011 compared to December 2010. This is good news for Denver home prices and for Denver sellers. However, it means slimmer pickings for buyers, which could affect home sales at some point.
- Colorado foreclosures continue to decline: foreclosures decreased over 24 percent in November 2011 from November 2010.
- Low interest rates: 30-year fixed interest rates hovered at historical lows (below 4 percent) throughout December. We expect this to continue for at least through the first half of the year, although rates have edged up a bit in recent weeks.
- Improving economy and job market: Colorado’s economy continues to show improvement, A mid-year update from the University of Colorado at Boulder’s Leeds School of Business predicted recently modest job growth over the next year. Several companies, including Arrow Electronics, announced plans at the end of 2011 to relocate headquarters and create Denver jobs.
We hope that 2012 is a great year for you! If buying a home is on your resolution list, please contact TeamCox Realtors at 303-400-6060. We are here to help you find the home of your dreams.
If you are looking for a home in Denver and the surrounding area then contact TeamCox for professional Real Estate Assistance