It’s no secret that the housing market has taken a dive in the U.S. While we can hope that we’ve seen the worst, only time will tell exactly how and when the market will fully recover. Luckily, for the citizens of Denver, things are beginning to look up, as one recent study has shown.
According to the Denver MLS, September 2011 showed a 12.5% increase over last September’s residential closings as well as a 28.4% decrease in active listings. The average sold price of residential homes is still down, and saw a 3.4% decrease since last year. While this may not be great news for homeowners, it’s great for potential buyers.
Foreclosures in Colorado’s metro countries have also take a steep dive since last year according to the Colorado Division of Real Estate. The fourth quarter is starting off to a good start with a 23.2% decrease in foreclosure filings from last October. Beyond just the filings, foreclosures sales have also decreased 28.3% since last October, which is very promising for homeowners.
These numbers are continued successes from earlier 2011 data. In fact March saw a 44% increase in home and condo sales in the Metro area according to Metrolist. Denver is seeing steady improvement. While the numbers are nowhere near the pre-crash real estate market, a stable appreciation of home values is more than welcomed.
The real estate market is also seeing growth in the commercial sector, as the Metro Denver office market vacancy rate fell just slightly from 13.8% to 13.5% from the second to the third quarter. Industrial market vacancies saw another small improvement, dropping from 6.4% to 6.1% during the same timeframe. As with the residential market, the commercial market improvement (no matter how small) is warmly welcomed.
The decreased commercial vacancies bring more good news in the form of jobs. According to the Denver Economic Development Corporation businesses increased hiring in January and February, which added 5,200 jobs to the Denver area. Denver is still building, and a variety of projects are beginning despite the slow economy. Some of these projects include the Denver Crime Lab, the Children’s Hospital Broomfield and a transit development along the light rail line.
It seems that Denver is looking up in the real estate industry. If you’re looking for Denver CO homes for sale, now is the time to take advantage of the market.
About PorchLight Real Estate: PorchLight Real Estate Group has the most experienced and knowledgeable Denver real estate agents in Colorado. For more information about homes for sale in Denver CO or specific neighborhood homes please visit www.porchlightgroup.com.
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