Denver Lofts and Condos

It seems we've been surrounded by an exorbitant amount of hardship over the past year, but there is an energetic buzz around town (as well as the nation) that things will soon turn around (even Ben Bernanke is saying that the recession is likely over). I recently came across an article which has exhibited some hard evidence that perhaps things will start to look up in the Denver home, Denver loft, and Denver condo sales market, and I would like to quickly summarize the write-up from which I read this information for you http://www.bizjournals.com/denver/stories/2009/09/07/daily32.html:

Although Denver single-family home, Denver loft and Denver condo sales are down Year over Year (YoY change compares the current results to the results 12 months prior), they are relatively stable.  Last month Denver single-family, Denver Loft, and Denver condo sales dropped 14% YoY. Sales were down12% from July.  Average selling price decreased only 3.87%YoY to $251,008 with only a minor drop of .68% drop from July. 

The median selling price (the midpoint between highest and lowest prices) of single-family homes YoY was flat at $227,000 down .89%. Last month's selling price was down 1.26% YoY.

Both houses and condos sold faster in August with fewer days on the market YoY and from July

• Single-family home sales: Down 14.38% YoY
• Single-family home average selling price down 3.71% YoY
• Single-family home days on market (DOM) selling faster with DOM of 94, down 3% Yoy
• Condo sales dropped 12.7% YoY
• Condo average selling price fell 3.87% YoY
• Condo average DOM 94, down 5.77% YoY
• Year To Date (YTD) total home sales dropped 16.38% from same period of '08
• YTD Total average selling price down 6.67% from first 8 months of last year
• YTD DOM down 1.92% YoY

So what does this all mean?!? And where is the good news? Well, to begin with, the fact that Denver homes, lofts, and condos are enjoying fewer days on the market is fabulous. The selling price for single-family homes, lofts and for condos has only dropped 3.71% and 3.87% which is also a good indication that things are stabilizing and people are selling their homes for an amount relatively consistent with their requests. 

If you're in the market to purchase a home, loft or condo for the first time there is also the $8,000 tax credit, as incentive to buy, and there are also a bunch of great deals out there: many of the loft, condo, and home builders are trying to sell, sell, sell and that means low prices (not to mention the bank owned lofts, condos, and homes). Interest rates are insanely low too (some food for thought: 25 years ago a normal 30-year fixed mortgage was approximately 13.27%, and today the interest rate is hovering around 5.8%)!