The Denver real estate market is still lively despite taking a few blows over recent years along with the rest of the nation’s home sales. Houses are selling briskly, especially in the summer months, and prices are rising in some areas of the city. The market has rebounded strongly from the slump of 2007. Foreclosures are still a problem, but the metropolis is moving forward.
Though the challenges of the modern economy have been felt in these regions also, the Denver, Colorado market remains active, showing that the city has plenty of job opportunities and economic activity for you to tap into. Median sales prices have rebounded to levels last seen in late 2007. These favorable signals indicate there is plenty of potential here if you’re looking to boost your home equity over time. With an active market like this, your investment in a house is sure to win you equity gains!
Denver MLS Home Sales: Trends This Year
Denver, Colorado is showing a strong rebound in the number of home sales over this time last year. The number of home sales per month is 10.6% higher in 2012 than in 2011. This marks a strong market with a high likelihood of further recovery and growth. In turn, this is the best guarantee you can get in times like these that your home equity will grow in the near future.
You can see how vibrant the Denver economy is right now by checking out the median sales price of $227,000, a very positive figure. This is over 13% higher than median sales prices in 2011, showing how strong real estate demand is in the Colorado capital. Home prices dipped a bit here, but far less than elsewhere in America, and now they’re starting to rise again.
Some neighborhoods are more in demand than others. If you research a little, you’ll find out that some of the most exciting spots to buy a house include:
- Green Valley Ranch saw a jump of 1.3% in home values in just one week in mid 2012. Average listing prices were around $200,000 for this area, making it a great spot for middle class families looking for a home with equity potential.
- Cherry Creek rose by 0.7% in one week over the same period. At $800,000+ as the average listing price, this is an upscale neighborhood that professionals may be interested in.
- Five Points falls somewhere between the two with its average listing price of $500,000, and witnesses a one week climb of 0.2% in property values.
- Capitol Hill, West Highland, and Congress Park are also popular spots for people to buy homes in the city.
What kinds of homes are selling in Denver?
The largest slice of Denver real estate sales right now is single family homes, making up almost 64% of the market. This is clearly a great market if you’re looking to buy your first home, move up to a larger place, or relocate because of a job. The next largest category of home sales are condos, at 27.7% of the market.
3 and 4 bedroom houses are the fastest moving, with the largest rise in equity compared to last year. 1 and 2 bedroom homes show declining equity values per square foot of space. However, they are still valuable in their own right and are a good investment in the general market conditions prevailing in Denver.
Getting a Home in Denver, Colorado
Denver homes have kept their value strongly throughout the economic roller coaster of the past decade. The city’s real estate market is currently growing in strength. Buying here is a smart move because your home’s value will probably grow over time much more reliably than in other places across the U.S. The real estate market is clearly being driven by a vigorous local economy. All in all, Denver is a good choice for the savvy homeowner to buy a house or condo in!