Denver's housing market has definitely stabilized View All Posts

March 23, 2010 :: RSS

Everyone is wondering how the Denver real estate market is faring this winter, and Metrolist's most recent statistics reveal that the Denver housing market has definitely stabilized over the past few months.
While the year-over-year picture isn't pretty with single-family and condo sales dropping 15 percent from 2008, the price trend offers hope. The average sold price ($251,112) for a Denver home, including single-family and condominiums, increased 4.88 percent from last year. Month-to month prices were unchanged. This is quite a feat, considering that the country has been in the midst of a severe economic and real estate downturn during this time. One other piece of good news is that housing inventory is 17 percent lower than it was a year ago, and close to 2 percent lower than it was a month ago, which are good signs for a recovery.

We are still in the midst of a buyer's market, making this the best time in recent memory to purchase a home in the Denver real estate market. Interest rates are hovering at the lowest point in history at around 4.85%, and there is a great selection of homes on the market. If you are a Denver seller, while you will probably not get top dollar for your home this fall, you can potentially make up the difference when you purchase a new home. If you are a first-time homebuyer, time is ticking to take advantage of the First Time Homebuyer's Tax Credit, which expires on November 30th.

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