When reporting market trends on Denver homes for sale, many companies will compute numbers by excluding all Denver distressed properties from their figures. This can lead to an overoptimistic picture of the true home market. Today, however, CoreLogic’s numbers show a year-over-year increase and factor in all of the Denver distressed properties on the market (Denver foreclosures, Denver short sales, Denver HUD homes, etc).
This is big news and reflects the severely diminishing supply we’ve seen over the past 6 months. (See our post from yesterday on the housing inventory in Denver being down 33%.)
From the Denver Business Journal:
While home sale prices continue to slide nationally, Denver is bucking the trend with a year-over-year increase, according to the most recent CoreLogic home price index report.
Home prices in the Denver-Aurora-Broomfield metro area, including distressed sales, grew 1.1 percent in January from a year earlier, CoreLogic reported.
And in a revised December 2011 home price index, CoreLogic is now reporting a rise of 0.1 percent over December 2010, which makes for two months’ worth of year-over-year growth.
With the number of Denver foreclosures and short sales diminishing, the traditional resale market is picking up steam. While it used to be Denver HUD homes and that would occasionally see multiple bidders, we’re seeing it happen much more frequently on traditional sales in certain areas of town and it is almost a given that a HUD home or foreclosure will have several bidders.
If you are serious about buying a home in the near future, give our team a call at 303-726-1874. We can set you up on the daily email alerts for your area so you don’t miss anything.
There are still some great deals available on Denver distressed properties, but with prices heading up and inventory heading down, you need to move quick.