Denver Real Estate Market

The Denver real estate market is facing mixed signals, meaning that the quasi-recovery after the nationwide economic recession has not been particularly strong. According to a November 19, 2009 article in the Denver Business Journal, “Colorado saw 12,468 foreclosure filings in the third quarter, setting a new all-time quarterly record, but completed foreclosures so far in 2009 are down from last year, the state Division of Housing reported Thursday. It’s the fourth consecutive quarter in which statewide foreclosure filings have increased, according to the state’s latest ‘official’ release of statewide foreclosure statistics as mandated earlier this year by the states Legislature. Colorado’s third-quarter filings total is up 3 percent from the second quarter, which in turn was up 15 percent from the first quarter. The new filings brought Colorado’s total for 2009 foreclosure filings to 35,112 for the nine months ending Sept. 30, up 18 percent from the same period of 2008.”

Denver homes for sale were more popular among prospective home buyers, according to a November 10, 2009 article in the Dallas Morning News. The piece, written by Steve Brown, noted that “Pre-owned home sales in North Texas were up 11 percent in October from a year ago – the first year-over-year gain since September 200 and the best sign yet that the local housing market has turned the corner. Real estate agents sold more than 6,300 single-family homes through the Multiple Listing Service last month, according to numbers released Monday by the Real Estate Center at Texas A&M University and the North Texas Real Estate Information Systems. October’s increase was only the second year-over-year rise in home sales in three years.”

Real estate in Denver also faced decreasing home prices, according to a November 24, 2009 article in the Denver Business Journal. The piece, composed by Renee McGaw, stated that “Home prices in the Denver area declined 0.5 percent in September from August, a slight pullback following six straight months of improvement, according to S&P/Case-Shiller Home Price data released Tuesday. Some easing is to be expected following the seasonally strong summer selling months, officials said. Denver home prices were down 1.2 percent in September compared with the same month a year ago.”