Real Estate prices are dropping for the Denver metro area for the first time since the late 1980’s. You will also see that prices in Boulder County, which borders the Denver Metro area on the north, are rising. Moreover, the rate of price increases is trending upward.
The average home price of a Denver home increased 2% in the full year 2005 to the full year 2006, from $309,000 to $317,000. Comparing 2006 to 2007, the average home price across the metro dropped 2%, to $311,000.
The first quarter of 2008 was $278,000 vs. the first quarter of 2007 was $296,000: a 6% decrease.
Neighborhoods where the average home price is less than $250,000 are taking the worst beating, while higher-priced communities remain relatively unscathed.
During the first half of the year, there were 19,460 foreclosures started in the state versus 28,435 in all of last year, according to a recent report from the Colorado Division of Housing.
The mountain real estate market is a buyer’s market, meaning interest rates are attractive and there are deals to be had. On the seller’s side, prices aren’t setting records, buy they aren’t declining much, either.
Construction on new homes is down roughly 50 percent from 2005. Employment data show that while job creation is in decline, it is still projected to be higher in Colorado that the rest of the nation in 2008.
The February 20th announcement that Conoco Phillips purchased the StorageTek campus near Broomfield for a new energy research complex is a big boost for the Colorado economy.
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