99 percent of Denver homes regain or surpass pre-recession value

Nearly 99 percent of homes in metro Denver have regained or surpassed the prices from their pre-recession peak, according to an analysis by Trulia that shows only a third of homes nationwide reaching the same mark.

The report, “The Housing Recovery That Wasn’t,” said the metro area’s recovery from a decade ago is the best among the 100 housing markets it examined.

Counties to the north, south and even east of Denver are showing strong recovery rates, while the rebound on the Western Slope is spottier, with median prices in most areas still below their old highs.

In metro Denver, home prices have shot up 50.5 percent from the pre-recession high of $237,071, the highest percentage gain of any of the 100 metros. That has allowed individual homes over time to regain their old highs.

But incomes in metro Denver are up only 20 percent since the end of the recession, making it harder for buyers to find affordable homes and pushing them further out in their search.

Colorado Springs was a fairly sleepy housing market until metro Denver home prices heated up in 2014 and 2015 and sent people south in search of affordability.

Trulia found that 93.4 percent of Colorado Springs homes are above their prior peak, which was the sixth-best recovery rate of the 100 metros examined. The median home value in Colorado Springs in March was $247,181 compared to the prior peak of $206,882.

http://www.denverpost.com/2017/05/06/denver-housing-market-near-full-recovery/

Comments

Post a Comment

Popular posts from this blog

Why Are So Many Trees Dying in Colorado?

Image
On a recent trip on I-70 to evaluate some land for a client, I was confronted with sad but beautiful image of red forests stretching for miles across the hills. The image of a red "evergreen" contrasting against the green scenery is mesmerizing at first until you take a closer look at red death destroying millions of trees in Colorado. Beetle epidemics across the western United States are becoming more obvious every season with entire landscapes turning red and brown as trees die. In northwest Colorado the beetle epidemics, triggered by extended drought in aging forests, are intensifying at an alarming rate, and there is little that can be done to stop them. Actions can be taken to protect high value areas such as ski areas, developed campgrounds and trees in people’s yards. Hastening Death: Pine beetles carry a fungus on their body and legs. Once they enter the tree, the fungus multiplies and spreads. This blue stain fungus blocks the transport of water up the tree’s trunk ...
Read more

Amazing home on a spectacular lot!

Image
 For Sale: 6071 S Franklin St. Centennial, CO 80121 $2.4M Once in a lifetime opportunity to purchase a special home on an amazing lot.  Most homes in this area are passed down from generation to generation and rarely come on the market!  A rare find with water-front property in Metro Denver.  Two acres with the Big Dry Creek running through your backyard.  Located less than 5 minutes to shopping, restaurants, and award winning Littleton Public schools. The home consists of 4 bedrooms and 3 bathrooms. 2200 Square feet above ground and 750 Square feet in the finished basement. Once you turn on Franklin St you feel like you are in the country.  One of the few lots in this special enclave of homes on acreage in the middle of the city.  Only a couple of blocks and you will be on the Highline Canal trail with access to 71 miles of continuous trails.  Franklin is a dead-end street at the Highline Canal which leads to a quiet street with mostly foot traf...
Read more

Vacation Property 1031 Exchange Guidelines

Great News! The IRS will not challenge whether a vacation property qualifies for Section 1031 treatment if certain specified ownership and use requirements are met. The IRS has released Revenue Procedure 2008-16, which provides definite guidelines for a safe harbor vacation property 1031 exchange. To meet the safe harbor requirements, a taxpayer, during the 24 months prior to the sale of his or her vacation home, or within 24 months after the purchase of their vacation property as a 1031 replacement property, must: 1) Rent the property at fair market rent for a minimum of 14 days during each 12- month period of the 24-month period. 2) Limit personal use of the property during each 12-month period of the 24-month period not to exceed the greater of 14 days or 10 percent of the number of days the property is rented at a fair market rent during each of the two 12-month periods. The IRS defined personal use to include: the taxpayer or any other person who has an interest in the vacation pr...
Read more

Homebuyers Gaining Bargaining Power as Inventory Increases

Home values saw their smallest monthly increase since May 2012, up just 0.2 percent in January from December according to the latest Zillow Real Estate Market Reports. Year-over-year, U.S. home values rose 6.3 percent in January, down from peak gains of 7.1 percent in August 2013. This slowdown is in part due to the rise in inventory of for-sale homes across the country. The number of homes listed for sale on Zillow was up 11.1 percent annually in January, the fifth straight month of rising year-over-year inventory. Homebuyers Gaining Bargaining Power as Inventor y Increases
Read more

Centennial - Heritage Greens January to March 2008 single family home sales report

4 residential closings up 400% over 2007. Absorption Rate is ok at 8.25 months. It not possible to determine any kind of trend since the first three months of 2007 only saw one sale. but it is very encouraging that the sales quadrupled during the same period in 08. Jan - March 2007 Jan - March 2008 % Change # of sales closed 1 4 400% # of sales Closed - YTD 1 4 400% Avg Days on Market 4 105 2625% # of Active Listings - 11 - Absorption Rate (months) - 8.25 - Average $ per SqFt 246 223 -9.34% Average Price (Sold) 960,000 745,683 -22.32% Click here for active homes for sale in Heritage Greens Absorption Rate Definition - the rate at which a market can absorb additional units of supply without causing market saturation and severe price distortions. For example, during a recessionary period, many homeowners may list their house for sale. Since the supply of homes entering the home resale market increased without a corresponding increase in demand, the market absorption rate has been exce...
Read more