I watch for the future, not the history of Denver's real estate market, and while it is fashionable to cry "the sky is falling" the data does not support such an exclamatory approach.
However, I am hopeful that the part timers who dabble, and they will always be here, after listening to the news will run and hide, at least for a while.
One of the data bits I watch is the number of "new" listings coming on the market as an indicator of how many folks "want" to sell versus "need" to sell. When the number shrinks perception is that prices are down and we hear "I don't really need to sell. I was testing the market"... so if they cannot get what they want they do not put the house on the market. Hence fewer new listings in Denver.
To the public, this is good news. It appears that home prices, specifically in the south suburbs like Littleton and Highlands Ranch, will have stabilized and may start to gain value, slowly next year. The bottom has passed in Denver and we are lokking back at it right now. For those of you who follow this blog you know I have been noting this since my March data report: that total supply will also shrink and ultimately, demand should balance the real estate market here in Denver. Here is a chart that describes the reduction in new listings month by month for the last 6 years:
Sales data will be in the next post or check our website at http://www.denverrelocation.com