Denver, Colorado Realtors report the best April on record ever, showing that housing sales are meeting new peaks of performance.
"April 2004 was the best April on record for home sales in the Denver metro area," exalts Realtor Jim Jorgensen. "The market is great! However, it is still a buyer's market. There are currently over 26,000 homes listed for sale in the MLS. With interest rates creeping up slightly (they are still very low) the market should remain strong as families consider making a move now, or at higher interest rates later."
Says Realtor Kathleen Chiras, "Denver, Colorado has over 300 days of sunshine and offers both culture and many outdoor recreation opportunities. Most homes and businesses have views of snow-capped 14,000-foot peaks. The city and county of Denver offers big city advantages with a small town sense of community.
Chiras notes, "Seventy-five percent of the housing market in Denver is under $300,000. Many buyers looking in the under-250K range are doing well if they have a knowledgeable buyer's agent looking out for their interests. Due to recent soft economy in Colorado and the Denver area, there is price pressure downward and more inventory for sale than in previous years."
Says Realtor Mark Struznik, "April has followed suit to March with the increase in market activity. The market has definitely picked-up in and around Denver. We have seen a significant increase of buyers to the market and have noticed many competing offer situations. We have observed this competitive situation with most transactions in March and April. Also, many properties that we were trying to show had gone under contract within the last 24-48 hours. Homes that are unique and/or priced well are moving quite rapidly. With most buyers, they need to sell a property first, so our listing activity has also increased dramatically.
He observes, "Rates increased over the last 10 days and may have created a sense of urgency to buyers on the sidelines. Higher rates suggest higher rents, so this may be a positive for investors.Advises Struznik, "The market simply won't offer a premium for cosmetic work and without a substantial increase in square footage, margins can be terribly thin, and even thinner if it takes time to sell the property. Many fixer-uppers use the shorter-term, 6-12 month loans, which require full payment, extensions, or refinancing after 6-12 months, which means even more closing costs and points.For Central Denver, inventory has increased roughly four to five percent since the prior year, while the median price of single family homes was up 4 percent compared to year-end 2002."
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Published: May 4, 2004
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