Economy news got ya scared? The local real estate stats are actually very encouraging!
The negative news continues to pour in. And it's likely to go on for a bit yet. This is a time for discernment. The vast majority of news we get regarding the economy deals with the national and even world economy. You have to dig a little deeper to dig out information on our local markets. Don't get me wrong. This financial crisis will have an effect on our local markets. However, there has been a predominant tendency for the Colorado economy to be counter cyclical to most of the country.
You might find the following information interesting:
The supply of homes available for sale in the Denver Metro market was about 13% lower in Sept 08 than Sept 09.
The number of homes sold was up 15% in the same period.
The number of homes being foreclosed on has decreased for the 9th month in a row and is now one of the lowest in the nation.
Home prices are down 12% from a year ago.
Mortgage money IS still readily available and rates are still good.
Our un-employment rate has been decreasing and is well below the national average.
The increasing focus on energy independence bodes very well for Colorado.
So, is now a PERFECT time to buy or invest? Maybe not but it's pretty darn close. Prices down and low rates means value. Dropping supply and increasing sales mean that prices will start to go up. I encourage you to sift the facts out of all the noise. Only you can decide if this is the right time for you. I believe there will be many people 6 months to a year from now who will be wishing they had acted sooner.
See below for statistics for the entire Denver Metro Area! As always, if you have any questions give me a call.
Total MLS
Aurora North (AUN)
Aurora South (AUS)
Brighton, Fort Lupton (BFL)
Broomfield (BRM)
Douglas County West (DCW)
Douglas Elbert Parker (DEP)
Douglas Highlands Ranch Lone Tree (DHL)
Denver Northeast (DNE)
Denver Northwest (DNW)
Denver Southeast (DSE)
Denver Southwest (DSW)
Downtown Denver (DTD)
East Suburban North (ESN)
East Suburban South (ESS)
Jefferson County Central (JFC)
Jefferson County North (JFN)
Jefferson County South (JFS)
Jefferson County West (JFW)
Jefferson County Northcentral (JNC)
Jefferson County Southcentral (JSC)
Lafayette (LAF)
Mountain Clear Creek (MCC)
Mountain Conifer Pine (MCP)
Mountain Evergreen North (MEN)
Mountain Evergreen South (MES)
Mountain Gilpin County (MGC)
Mountain Jefferson County (MJC)
Mountain Jefferson North (MJN)
Mountain Jefferson South (MJS)
Mountain Park County (MPC)
Mountain Park East (MPE)
North Northeast Suburban (NNE)
North Northwest Suburban (NNW)
North Suburban Central (NSC)
North Suburban East (NSE)
North Suburban West (NSW)
South Suburban Central (SSC)
South Suburban East (SSE)
Superior (SUP)