Denver is projected, by almost every survey and economic forecast, to be one of the primary cities emerging out of this economic climate. It seems apparent that Denver's real estate market is already moving up the north side of this economic curve.
According to data from InsideRealEstateNews.com; in 1999 (from 1/1 to 10/31), Denver metro had 39,867 homes sold. The peak was in 2004 when 45,397 homes were sold in the first 10 months. So far this year, metro Denver has had 35,512 sales (and climbing).
Home sales in the 7 county Denver area were up 11 percent from October 2008. The median price, for the same period, grew more than 4.5 percent.
Sales in price ranges above $250,000 were also improving as move-up buyers surfaced over the past few months. Expect this to continue into 2010, especially with the new $6,500 tax credit.
Our foreclosure activity was down over 6% from last month from 10/08, however Colorado ranked #11 in foreclosures nationally, down from being #1 two years ago.
Metro Denver's active listing inventory fell below 20,000 homes last month, down 15% from 10/08, and down over 30% from 2005.
The average price of a home sold in October was $261,771, which is almost 5% higher than in 10/08.
Absorption rates changed for the better, with single family rates down from 5.5 months to 4.9 months of supply. Also, homes in the under $300,000 price ranges are moving significantly faster than the upper ranges.
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