What is the current condition of the Denver real estate market?
If you want to know, the rampant number of foreclosures in Denver have plummeted to rank 20 in the country. This means that, generally speaking, there isn’t any sort of “mass exodus” happening in the Devnver market any longer. Which also means that, there is a great progress with the real estate market in Denver.
Even with most inventories sold off in 2007, Denver homebuilders are awaiting signs of a market rebound to increase their activity. This year, homebuilder activity has come to a crawl, and new residential building permits have decreased a stunning 58%. For a new construction, there can be bad news but not for Denver sellers as there are an obvious decrease with the competition.
This means, that if you are an interested homebuyer in Denver (even if you are not from Denver itself), this is the best time to buy a home. Actually, it could be the best time to buy a home in Denver. On average, Denver homes are sitting on the market for 114 days, before finally selling for 96-97% of their adjusted list price. In addition, excellent deals for negotiation with clients have been settled.
A tighter housing market is followed by property appreciation is how it has been if you look at it from the records. If you are asking how much longer will this Denver buyer’s market last, check the property appreciation. So, for future homebuyers sitting on the sideline, just waiting for the market to bottom out, I will leave you with this thought – once the press begins to report signs of a market recovery, it often is too late to jump in.
