What is the hottest topic in Real Estate this New Year's Eve... It's the #1 Denver Market.
What better way to finish off 2009 than with some great news about Denver's Housing Market performance. The S&P/Case-Shiller Home Price Indices measures the residential housing market, tracking changes in the value of the residential real estate market in 20 metropolitan regions across the United States. John Rebchook does an excellent summary of the report details and here are the opening few lines from his blog post...
Denver performed the best of the 20 major metropolitan housing market tracked in the closely watched S&P/Case-Shiller Home Price Indices report released today.
Denver’s housing market showed only a only a 0.1 percent dip in housing prices in the year ending in October, compared with an overall drop of 7.3 percent for the 20 areas in the report. The 10-city index in the report fell overall by -6.4 percent.
Tom Clark, executive vice president of the Metro Denver Economic Development Corp., said that Denver’s No. 1 ranking is the latest sign that Denver’s economy is out-performing the nation’s.
“Job growth does matter,” Clark said. “What a concept.”
Job growth has been a consistent strength for the Denver Real Estate Market. With our wonderful weather, well designed urban plan, growing downtown restaurant and entertainment district, multiple sports teams, and outdoor mountain access Denver consistently draws new residents and job seekers. The growth of companies and an employment base for an attractive city like Denver creates a foundation to support the housing market. I'm sure you have heard the old real estate philosophy of "Location, Location, Location". Well Denver as a location within the United States appears to be the equivalent of that ski in ski out on mountain access. People simply prefer to live and work in our wonderful city. This strengthens our housing market.
The article points out some interesting predictions. The article mentions a number of similar thoughts we've mentioned on this blog including a "wake up call" in the $250,000 to $500,000 pricing range and folks taking advantage of the new home buyer credits in the first quarter of 2010. Many buyers we've worked with have specifically targeted the home buyer credit in their real estate purchase value. It certainly makes in an attractive time to buy.
The article also mentions that Denver holds up about middle of the pack in overall rebound which makes sense as we didn't witness quite the same bubble as many other cities. Perhaps our prices stayed more true historically so the variation was less while still creating a nice time for opportunities for buyers. And a number of denver condo and loft buildings are currently offering some incredible per square foot opportunities.
If you are interested in learning more about these Denver condo and loft opportunities or to discuss this article or the Shiller Home Price Index results please give us a call. We are here to help in all your Downtown Denver Real Estate needs.