Denver-area market catching Steam

Mar 7th, 2008 | By | Category: Real Estate Investing News
City and County of Denver
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I wanted to share this article with you that is in today’s Rocky Mountain News.  It is encouraging for the Denver Market.

Denver-area market catching steam

4% more homes, condos sold than year ago, data show

By John Rebchook ROCKY MOUNTAIN NEWS

rebchookj@RockyMountain News.comor 303-954-5207

Record foreclosures continue to keep a lid on overall prices of previously owned homes sold in the Denver area, but home sales activity picked up in February.
“Activity continues to be brisk,” said independent broker Gary Bauer, who released a report Thursday based on data from Metrolist, a Realtor-owned organization.


A total of 5,126 single-family homes and condominiums sold by Realtors were placed under contract in February, a 4 percent increase from the 4,929 in February 2007, according to reports based on Metrolist data. And in the first two months of the year, 9,676 homes were placed under contract, a 4.9 percent increase from the 9,221 placed under contract in January and February of 2007.
“This is very encouraging because it is indicative of strength in the Denver-area market, which will lead to a healthy spring market,” said Larry McGee, president of the Berkshire Group, who also released a report.
Bauer said several brokers he spoke to said sales activity was strong last month.
“That’s encouraging, especially in light of $104-a-barrel oil,” he said.
There were 25,037 unsold homes on the market last year, 0.8 percent more than the 24,838 in 2007.
Bauer said he would have expectedmore, given the rising number of foreclosures.
“Where are they?” Bauer asked. Part of it, he said, is that people aren’t putting their homes on the market if they don’t have to, if it means they will be competing directly with foreclosures.
Greg Steele, principal of Ease Realty Preferred Brokers in Arvada, said most of the sales activity is for homes priced below $200,000 and above $500,000. For homes priced in between sales have been sluggish.
Most of the lower-priced homes are either foreclosures, or short-sales,in which the lender accepts less than the mortgage amount.
“Most of the buyers are owneroccupants because the banks are not yet willing to give them away at low enough prices for investors,” Steele said.
Steele said there are a lot of foreclosed homes in the pipeline.
“I think we’re going to see a steady stream of them enter the market but not a surge at all,” he said.
He said well-priced foreclosures sell quickly, especially when the banks provide money to fix them up.
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