Denver Real Estate Blog

It’s a Great Day to Buy Real Estate in Denver

Home prices in the Denver metro area dropped 5.4% during Oct. 2006 to Oct. 2007. The average priced of a single family home dropped from $306,306 to $289,754. Despite recent problems in the sub prime mortgage market, sales were down only 1.5% compared to homes placed under contract in October of 2006. Condo sales rose 10.5% in October from September.

What are the hardest to sell are many one-bedroom condos and town homes. Two bedroom single family homes are also difficult to move. Over all the good news for buyers is they have a lot to choose from. This does not be people can offer a ridiculous price and someone will sell it to you. The fact that prices have come down indicates more realistic prices are being sought. Denver’s housing downturn started around 2001, and the area dodged “the 2006 housing bubble bursting in other parts of the country”.
Most people try to price their home slightly about what the last guy asked for his and without the demand they will just sit on the market. In fact Denver currently has 28,928 homes for sale on the market. I have been a realtor in Colorado since 1995 and this is the most I have ever seen on the market at any one time says Jeffery McClintock, President and managing broker of The Real Estate Technology Group, Inc. This is exciting for those who really want to find something they really like said McClintock.

Good News to Report on Colorado Foreclosures

Finally, some good news about Colorado foreclosures. The number of foreclosures filings dropped by 45% in the first 10 months of this year, compared to the same period in 2006. That made it the biggest percentage drop of nine states that saw a decrease on a per capita basis, according to a national report released October 6th. Not all homes that enter foreclosures become bank owned. Some sources reporting foreclosures will include the total number of properties entering into the foreclosure process at being foreclosed, that is not accurate. Colorado experienced a 10.4 real estate owned (REO) filings per 1,000 households compared to 18.9 filings per 1,000 households from a period between Jan 2007 to Oct 2007.

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If you would like additional information about the Denver Real Estate area in Denver Colorado as well as anywhere in Denver Metro Area contact us at 1-800-791-3990 ext 232.

Jeffery McClintock, is a real estate broker in Denver and prides himself on providing clients with professional guidance in all phases of residential new construction, including market research, product development, consulting, marketing and advertising. His personal mission is to bring to you a level of knowledge, experience, commitment, high standards and results to answer your real estate needs. He believes, the most effective way to provide superior service is to build a strong working relationship with you. His system includes regular consultations and feedback, which is the best tool for identifying and clarifying your real estate objectives and help define strategic solutions.