Sit back and watch the market if you cannot stand the "pressure" but here is what will actually determine the prices next year. Supply. Represented in this chart are the "new listings" single family homes first time on the market with original list dates in March in Denver. Left to right 2003, 2004, 2005, 2006, 2007 and 2008 on the far right. As you can see, even though last year we had 6426 houses come up for sale in the Denver market, this year we had overr 1000 fewer; a 20% drop in the previous 5 year average. Normally I say there was a plus or minus 5% increase or decrease, but I have never (except in 1989 where I do not have data) seen this type of anomily. The next thing we should see is a drop in the overall days on the market, but that will not occur for a few months and will be very gradual.
I am saying we hit the bottom in the Denver real estate values. There will be some homes who still drop prices and sell "lower than they should", but the time is now if you have a move in your future or if you are thinking about investing in rental properties in Denver. We should see additional months where fewer homes come on the market which will confirm this. But we smacked it in March. Check back here April 20, or click the subscribe button.
Insight like this comes from years of experience selling Denver real estate. Let me help you. Whether it is Highlands Ranch, Lone Tree, Littleton, Castle Rock, Centennial, Englewood, Parker, Elizabeth, Larkspur, Franktown, Kiowa, or anywhere in metro Denver Colorado, we offer real estate advice, properties for sale, multiple listing service, property listings, mls, all available at www.DenverRelocation.com. Drop me a note to pete@Denverrelocation.com
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