Denver's home prices ready to
increase
According to a new story coming
out in the November SmartMoney magazine, Denver is one of the top seven
cities where home prices look stable and may even increase. This information
(picked up from Yahoo) was also confirmed by an article in this morning's
Denver Post newspaper that basically stated that homes priced at $150k and under
are moving very quickly in this market, most of the time with multiple
offers.
The demand for homes falls as the price increases with a 'normal' market
of six months supply of homes beginning to be available right around the $350k
price point. Of course this depends on where in the Denver metro area the
home is located.
The SmartMoney article references the Cherry Creek area
as the ritzy are in Denver where prices have increased 16% over the last
year. This has been apparent to most real estate brokers in the area for
some time...it just takes the media a while to catch up.
With decent employment, declining
foreclosures, positive net in-migration, and a lack of overbuilding compared to
other areas of the country, the Denver home market is finally poised to make
some price improvement.
As Realtors, we are seeing the change daily. Now if
only the mortgage rates will stay low...
you guys wonderful job. well, keep it PROPERTY PURCHASE.