Denver Real Estate Market Strengthening

There are concrete, solid stats that support everyone’s hopes-the Denver real estate market is recovering. According to the Real Estate Market Trends, released by the Denver Metro Association of Realtors, as of September 2012, there is the lowest inventory per capita that Denver has ever seen. In general, there are only about 2.7 months of inventory and more buyers than there are sellers. And compared to 2001, there are about 20% more people in Denver, but we still have the same inventory levels as 2001. And for the first time since the housing market crash in 2008, the September average sale price has beat levels from six and seven years ago, surpassing those levels from 2005 and 2006. These are sure signs that the market is making a strong comeback! So if you wanting to sell your house, now is the time!

Colorado Homes Prices Up 7.3%!

In the U.S. over the last year, homes prices have jumped up a staggering 3.8%. This increase is reason for cautious optimism, considering how weak the real estate market has been. And this is the biggest year-over-year increase in the last six years, a Denver Post article reports.

Ready for some better news? Colorado’s home prices are up 7.3%, ranking as the fifth state with the biggest gains. It falls behind Arizona, Idaho, Utah, and South Dakota. Since July 2011, Arizona’s home prices have risen nearly 16.6%.

Although the housing prices remain below where they were in April of 2006, the market has been slowly recovering in 2012. Builders are starting work on more homes, the sales of new and previously occupied homes are up, and mortgage rates are close to their lowest levels in the past 60 years. The recovery may be slow, but it is happening!

Denver’s Strong Economy Profiled in New Report

The Metro Denver Economic Development Corporation recently published its Metro Denver Economic Profile report, a publication that highlights Metro Denver’s accomplishments in business development and key economic factors. The report is often used as a marketing tool to persuade companies to locate business operations here, but it also reminds us that Denver’s economic conditions continue to grow and prosper when compared to other markets across the country.

Some of the important, and optimistic, highlights mentioned in the report include:
• In 2012, major company headquarters such as Coleman Company (outdoor products) and TriZetto Group (healthcare technology) decided to relocate their headquarters in Metro Denver.
• Forbes ranked Metro Denver fifth among the 25 “Best Places for Business and Careers” in 2012. Criteria for the ranking included costs of doing business, educational attainment, and projected economic growth.
• Metro Denver is a magnet for young, smart, and diverse workers. In fact, the region of 2.9 million people is one of the fastest growing in the country and is the top location for relocating adults ages 25 to 34.
• The City of Denver has one of the largest public parks system of any U.S. city.
• Metro Denver was listed among the Brookings Institution’s nine “Next Frontiers,” or metro areas with the highly educated and diverse population needed to support future growth in a technology and diversity-driven economy.
• Metro Denver students have access to a wide range of higher education options including world-class research institutions, graduate and professional schools, and a broad spectrum of undergraduate programs.
• Metro Denver ranked third among 116 metro areas for smallest decline in median home price between 2010 and 2011.

“Metro Denver has a national reputation as a place that stimulates business. There is continued interest in our region from international and national C-level executives, thanks to our pro-business environment, highly educated workforce, and status as a high-tech hub,” said Tom Clark, CEO of the Metro Denver Economic Development Corporation.