Reporting “live” from the trenches, I think it’s safe to say that the Denver real estate market is rebounding. Homes are selling in a matter of days with multiple offers. In the last few weeks, buyers have decided that it is time to leap and they all seem to be jumping on the same homes.
What is prompting this? Denver has recently enjoyed a good deal of positive press from across the nation. Fox Business News’ guest analyst, Greg Rand, recently reported that Denver, Colorado is the best place to invest in real estate. Previously, real estate expert, Barbara Corcoran reported to CNN that Denver was her pick as the #1 market to emerge from this recession. Not to mention, everyone seems to recognize that this city offers one of the best lifestyles in the country – great climate, jobs, low crime rates, good schools, low taxes…and did I mention Peyton Manning and Tim Tebow? The list goes on! Locally, the Denver Business Journal reports a 12% increase in contracts for February 2012 over February 2011. More importantly, inventory in February 2012 was down 42% year-over-year. Combine this with a healthy municipal economy, jobs growth and record low interest rates and you can see why Denver is hot right now.
Will it last? I wish I had a crystal ball. Our buying season starts in the Spring and we are expecting an increase in inventory, which may level things off a bit. However, given the overall demand, I do believe that we have hit the bottom and am looking forward to a healthy and sustainable market over the next several years. With interest rates at record lows, there is no reason to wait – now is the time to buy in Denver!