Denver Metro Single Family Housing Stats:
Active Listings: 8,303
- Down 39% from March. ‘11
Under Contracts: 4,328
- Up 50% from March. ‘11
- Up 10% March. ‘11
Average Price: $284,035
- Up 4% from March. ‘11
Average Days on Market: 105
- Down 10% from March. ‘11
Denver Metro Condo Housing Stats:
Active Listings: 2,022
- Down 50% from March. ‘11
Under Contracts: 1,000
- Up 46% from March. ‘11
- Up 3% from March. ‘11
Average Price: $161,848
- Up 1% from March. ‘11
Average Days on Market: 97
- Down 22% from March. ‘11
Real Estate News
The Business Cycle Dating Committee of the National Bureau of Economic Research met in June 2009 and determined that the recession that began in December 2007 was officially over. Of course, that was a cruel joke to most Americans who were still suffering through the worst economic downturn since the Great Depression.
However, three years later there are unmistakable signs of improvement in our economy. This has stirred the great awakening in the housing market because housing is inextricably linked not only to the economy, but to the perception of what the economy will do in the future. There are many measures for this perception but the best is probably the Consumer Confidence Index (CCI). This index polls thousands of Americans each month and asks them how confident they are in the economy. Between 2007 and 2008 it plummeted to a level not seen since the 1970s. The level crawled along the bottom for four long years until last year when it started rising. As more good news began trickling out of the U.S. economy the CCI has grown at a slow but steady pace for the past 12 months.
What is causing us to come out of our shells and believe our economic future might hold some promise?
- U.S. unemployment is down to 8.3%, its lowest level in years. The past six months have been the best streak for employment since 2006. Colorado’s unemployment rate is down to 7.8%.
- The stock market is at its highest level since before the recession began, doubling in the past three years.
- The Fed has all but nixed the idea of QE3, meaning it believes the economy is on its way to recovery and won’t require another massive stimulus fund.
- The 4th quarter, 2011 GDP grew by 3%.
- Home foreclosure sales have dropped to a five-year low.
- According to the Case-Schiller Index the Denver real estate market is the 2nd best in the country.
Many would-be home buyers waited for years for signs of a stabilizing economy before jumping back into the housing market. The green shoots of progress have been growing steadily for the past year which has resulted in buyers jumping back into the housing market and creating our super red-hot housing market. Take a look at the bold figures in our Quick Stats. The number of homes under contract is up 50% in the past year!
So, if you’ve been waiting on the sidelines for the past few years wondering when it will be a good time to buy again, you might want to start thinking about it. Our economy is improving, inventory of homes is at record low, interest rates are still low (but rising), and home prices have begun rising again. Give me a call and I’d be happy to share all this data with you.
Your Castle in the News
Your Castle is proud to announce our 4th biennial Investor Success Summit on Saturday, May 12! This FREE full day event is for all metro Denver real estate investors who want to learn from the best in the business. There will be 11 individual speakers covering topics like How Many Properties You Need to Retire, How to Pay off Your Mortgages Early, How to Get a Loan on Your Investment Property, Property Management, and much more! The last session of the day will be a panel discussion with six of the most experienced investors in the Denver market. They will discuss how they are taking advantage of the current real estate market and will share with you their current strategies for acquiring, repairing, and holding or selling properties. Best of all, there is no selling, no sales pitches and nobody hocking books and tapes at the back of the room!
If you have any interest in buy and holding or fixing and flipping properties, you will want to come early and stay all day. All the local players will be there giving you a unique opportunity to learn from the best.
Contact me for more information and if you would like to attend
See you there!