Tuesday, September 09, 2008

Denver Real Estate Market gains momentum

Here is more good news in Denver's real estate market from I company that is part of a Luxury Real Estate Group that I am part of, LuxuryRealEstate.com. It is composed of top brokers around the country that get together to share ideas and operate on a different level than our competition. Many people don't know that the vast majority of the country's foreclosures and thus most challenged markets are in 5 states and Colorado is NOT one of them. I have a long time friend that actively buys foreclosures in Denver and he told me last night that he doesn't see it lasting long as it is getting difficult to find good deals there due to increasing demand. He buys homes, does paint, carpet and a new lawn then sells them in 2-4 days from listing. I have another friend in Boulder whose business is up 47% YTD over a good year last year.

"Metro Denver’s real estate outlook continues to gain momentum, according to executives with The Kentwood Company. Others around the country agree. CNBC recently identified Denver as one of the top cities in the country to keep an eye on for continued strength. In addition, the most current S&P/Case-Shiller Home Price Index highlighted Denver for its positive real estate market. The general consensus is that the Denver market has already reached bottom and is expected to improve.

Roger Campbell, President of The Kentwood Company.“Denver continues to lower its overall monthly supply of homes in inventory, according to the local MLS,” says Roger R. Campbell, President of The Kentwood Company. “This ‘absorption rate’ for the month of July shows a reduction of 16.2 percent to 4.8 months supply of single-family residences and a reduction of 13.6 percent to 6.2 months supply of condominiums over 2007.

According to Kentwood, Denver and Colorado continue to show improvement for employment and a positive net migration of people moving into the state. As well, the unemployment rate continues to fare better than other states and the overall national average. The quality of life, performing arts, transportation and climate will continue to attract individuals, families and corporations to the majestic mountain state, appropriately deemed “Colorful Colorado.”

If you have any questions about the housing market beyond the headlines or real estate in Steamboat just give me a call anytime. My cell is 970-819-6930. For more click back to the Steamboat Springs blog main page.

1 comment:

Meghan said...

Great Blog, I'll check back often! Good to hear some positive news from Denver.
Meghan Barry