According to a recent Denver Post report, Denver and Colorado Springs are among the metro areas  recovering the fastest from the economic recession.

Denver was one of six metro areas (out of the 100 surveyed) that outperformed the job creation rate during the 4th quarter, growing 0.8%, according to Mountain Monitor, a report by the Brookings Institution.  The report also took other economic indicators into account, including metropolitan product, which was up 4.5% in Denver from its peak in the 4th quarter of 2008.

Another economic indicator Brookings measured was housing prices, but unfortunately, it does not seem that the Denver housing market is a contributing factor to the recovery in Denver. On the contrary, the report claims that the sluggish housing market is slowing the recovery. The report goes on to say that home prices dipped in the 4th quarter, after a brief rise in the 3rd quarter. There is still some positive news, though. According to another article published by the Denver Post, home sales saw a 3.4% rise in February over the previous month.

For more information on Denver’s economy,  or regarding Denver real estate, please contact TeamCox Realtors at 303-400-6060.

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As the summer winds down, there is good news and bad news for the Denver real estate market.

Let’s get the bad news out of the way first. The Denver housing market continues to feel the hangover effect from the homebuyer tax credit that expired at the end of April. The number of homes sold (3,259) in Denver last month dropped 26.6 percent from July 2009. It seems that the buying frenzy leading up to the tax credit expiration is going to take awhile for the market to absorb.

What is the good news for the Denver real estate market? The Denver median home price increased 4.4 percent last month to $240,000. The other piece of good news is that new foreclosure filings in Colorado, 4,890 or one out of every 432 homes, decreased 9.3 percent last month from July 2009. This landed Colorado in the 13th spot nationally for number of foreclosures, which is better than the 10th spot the previous month.Foreclosure filings are down 8.6 percent in the Denver area.

Although there has been a lull in home sales this summer, there is still much to be grateful for, especially that interest rates are at historical lows and that there is a great selection of homes to choose from. Prospective Denver homebuyers do not want to miss out on this once-in-a-lifetime opportunity. 

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My trusted friend and colleague, Karla Dimond of Wintrust Mortgage, called last week to let us know about the best jumbo loan rates/programs I have seen in a very long time. For as little as 25 percent down, the rate is as low as 4.125% for a 5/5 ARM.

If you are fence-sitting on a decision to buy a home in the Denver housing market, these historically low rates will not be around forever. It is time to commit and buy that home you want or need.  Even some folks who have already refinanced can benefit now by doing so again!  The Denver real estate market still has very low home prices and these interest rates really make buying your dream home too good of deal right now to pass up. 

Please let TeamCox Realtors know how we can help you. Contact us at 303-400-6060.

Denver Interest Rates Continue to Set Record Lows

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There is good news for the high-end Denver real estate market, a segment among the hardest during the downturn. The Denver Business Journal reported this week that June sales activity for Denver resales priced over $1 million hit its highest level since 2008. In June, there were 77 homes sold that were priced over $1 million, a 3 percent increase from last year, and a 22 percent increase from last month.

This is great news for the health of the overall Denver housing market, since high-end homes have not moved quickly over the past years. This has been a great frustration to Denver sellers who are trying to downsize into smaller homes. It is a great relief that luxury homes are finally starting to sell in a shorter amount of time.

Denver Business Journal’s article cites that Denver had the most high-end sales, along with Boulder, Castle Rock, Cherry Hills Village, and Greenwood Village.

We hope to hear more encouraging news like this over the coming months, as historically low interest rates will increase Denver buyers’ buying power, often pushing them into a higher price point. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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There was more good news for the Denver housing market last week. According to the recently-released S&P/Case-Shiller Home Prices Indices, for the six month in a row, Denver home prices increased year-to-year.

The closely-analyzed report indicated a 4.4 percent increase from April 2009 to April 2010. This is the tenth best showing in the country. Denver home prices rose 1.7 percent from March to April, which was the seventh highest monthly increase of the 20 cities in the report. The average price increase of all cities surveyed was 3.8 percent. San Francisco saw the biggest year-to-year increase in April (18 percent), along with San Diego (11.7 percent) and Minneapolis (9.5 percent).

Slow and steady has always won the race for the Denver housing market. It never saw the huge gains in housing prices that many other cities had, and didn’t suffer the huge falls that followed. For information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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Denver Named Most Improved Housing Market

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Denver Named “Most Improved Housing Market”

There is more good news for the Denver real estate market. Denver has been named the “most improved housing market” in the country by Businessweek. The report cited a 5.8 percent increase in Denver home prices from the first quarter 2009 to the first quarter 2010, and projects a 5 percent increase in Denver home prices over the next year. It also mentioned that distressed sales in the Denver area have decreased.

Why has the Denver economy fared relatively well during the recession? Businessweek’s report mentions Denver’s strong job market, anchored by companies in a variety of industries, including the energy sector. This has shielded Denver from some of the harshest national recession winds.

Some other “most improved” real estate markets in the country are Boston, Saint Louis, Pittsburgh, San Jose, and San Francisco.

There is not a better time than the present to buy a home in the Denver area. As the market improves, buyers’ negotiating opportunities diminish. For information on the Denver housing market, please contact TeamCox Realtors at 303-400-6060.

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Denver Real Estate Update – June 2010

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Summer in Colorado is finally here, but is the Denver real estate market heating up with the weather? According to recent Metrolist statistics, the expired homebuyer tax credit continued to boost the Denver housing market in May, as completed sales of homes and condominiums increased a whopping 20 percent from last year.

The bad news? The number of Denver homes put under contract in May decreased 27 percent from 2009, largely the result of the April 30th expiration date of the homebuyer tax credits. Homes must be closed by June 30th to qualify for the tax credit, so June’s numbers will also benefit from the tax credits. The median sold Denver home price increased 4.6 percent to $230,000 from last year.

Denver sellers finally have the confidence to put their homes on the market. As a result, the number of Denver homes for sale rose 6.2 percent from last year. Homes were on the market for an average of 75 days, a 27.9 decrease from 2009, and a five percent decrease from April of this year. 

If you are a prospective Denver homebuyer, don’t miss your opportunity to take advantage of historically low interest rates and a great selection of homes for sale. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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The federal homebuyer tax credits that expired at the end of April caused a frenzy of sales activity throughout the Denver metro area last month. According to recent Metrolist statistics, the largest number of Denver-area homes (6,616) was put under in any April since the mid-1980s. This is a 27 percent increase from April 2009, and a 12 percent increase from March of this year. The average selling price also increased to $274,253 last month, up from $254,442 in April 2009. Another piece of encouraging news is that the average days on the market (DOM) decreased to 80 days, a 23 percent decrease from April 2009.

One continuing trend is that Denver County had the most home resales (2,844) in April out of the entire Denver metro area. The Arapahoe County real estate market also fared well with second-highest (1,781) number of home sales.

We hope that this momentum will continue for the Denver housing market now that the homebuyer credits have expired – prospective Denver homebuyers need to remember that interest rates are still hovering at historical lows and there is a great selection of homes for sale. For more information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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There was more good news for the Denver housing market this week!

Denver home prices continued to stack up well against other major cities in the recently-released S&P/Case-Shiller Home Prices Indices. The report indicated a 3.6 percent increase from February 2009 to February 2010. This sharp percentage increase – for the fourth consecutive month - was enough for Denver to have the 5th highest year-to-year price increase in the index of 20 major cities. Cities boasting a higher percentage price increase than Denver included San Francisco (11.9%), San Diego (7.6%), Los Angeles (5.3%), and Washington, D.C. (5%).

For information on the state of the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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The deadline is looming to take advantage of the once-in-a-lifetime homebuyer tax credits! The deadline is April 30th for Denver first-time homebuyers to go under contract (to qualify for the $8,000 tax credit) and for move-up buyers to qualify for the $6,500 credit, which is less than three weeks away! It is evident from the Denver housing market’s March statistics that first-timers are driving the market, as they helped boost Denver-area home sales by nearly 50 percent from February to March, and by 12.4 percent from March 2009. A whopping 70 percent of Denver homes sold in March were priced below $300,000 and below $200,000 for condos, indicating that first-time Denver homebuyers were in command.

The median price of a Denver-area home also increased in March, rising 12.3 percent to $229,000, a 12.3 percent increase from last year.

If you are interested in taking advantage of these tax credits, do not delay! For information on purchasing a Denver home, or regarding the Denver real estate market, please contact TeamCox Realtors at 303-400-6060.

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