Residential Listings
Buyer Representation
REO Listing / BPOs
Short Sales
New Homes
Buyer Representation
REO Listing / BPOs
Short Sales
New Homes
Est. 1968
EXPERIENCE
DOES COUNT!
EXPERIENCE
DOES COUNT!
Denver Market History
The AVERAGE (not median) price of a single family home in the metro Denver area hit $200,000 during the summer of 1998. Denverites shook their heads, remembering when it was closer to $100,000 in the early 90's. How did things change so quickly? Here's a couple of paragraphs on how we got where we got in Denver real estate pricing.
1980's
In the early 1980's, Denver was enjoying a sudden wave of prosperity and things were going gangbusters for the oil and gas industry here. Not too much later, this sector deflated in a hurry, with a strong negative impact on the city. By the late 1980's much of the country was heading toward difficult economic times with Denver among the cities leading the pack. Many here lost their jobs and couldn't find suitable employment. Real estate values plummeted and people were faced with a situation of "negative equity" -- owing more on their house than it was now worth. In frustration, some just packed up and left the city, abandoning their homes. HUD officials found themselves with thousands of Colorado foreclosure properties on their hands and needed to dispose of this inventory. With so much real estate on the market, prices dropped even further. When people joked that you could buy condos with a credit card, it was truth in jest. Small condo units could be bought in some areas for $10,000 to $15,000.
1990's
As Denver worked its way out of its economic problems, people around the country began to take note of the real estate values here. Californians came by the thousands, finding the nice profit they'd made selling an average home on the West Coast would buy what was practically a mansion here in Colorado. New Yorkers, Texans, people from the mid-west streamed here, finding not only good real estate values, but "quality of life" as well. Meanwhile, state and city officials had been busy trying to boost Colorado's sagging fortunes by attracting new businesses to the area. They came too, many with a corps of relocating employees. By 1992, the boom had begun. A newly listed house might sell within hours, with buyers rushing their decisions lest someone else get ahead of them. As home sales picked up dramatically, builders noted the opportunity and new home developments sprang up everywhere. The newer homes were bigger and more expensive than what had been typically built before, and this further pushed up "average" home prices.
2000-Present
If you're moving to Denver now, you'll find that the incredible bargains of the 90's (especially the early 90's) are still here. While the "median" price of a single family resale home is right around $220,000, however, there is still considerable inventory in the $100,000 to $200,000 range. There's even more to choose from if you're looking in the over $200,000 and over $300,000 categories: new luxury home developments abound, there has been much "in-fill" building and renovation in some of Denver's older exclusive neighborhoods, and "prairie castles" dot the rural perimeter of the metro area. The variety of homes available is much greater than it was just ten years ago. There's a wide variety of listings in all price ranges, in almost every area. Denver, like many areas around the country has felt the impact of foreclosures and 'Short Sale'. These properties are primarily found in the Condo/Townhome market. These have produced some excellent buys for both investors and first time home buyers alike. The slowing of the overall economey, even though better than many parts of the U.S. has also produced some excellent values in the upper end price ranges. Also, interest rates are excellent and there has never been a better time to buy a home.
2010 and Beyond
The outlook for Denver's economy and real estate market continue to look favorable. Household earnings here remain significantly above the national average. People who've purchased houses here over the years have seen considerable appreciation on their investments, and while no downward trend lasts forever, this one looks like it has bottomed and we look forward to a very healthy future.
1980's
In the early 1980's, Denver was enjoying a sudden wave of prosperity and things were going gangbusters for the oil and gas industry here. Not too much later, this sector deflated in a hurry, with a strong negative impact on the city. By the late 1980's much of the country was heading toward difficult economic times with Denver among the cities leading the pack. Many here lost their jobs and couldn't find suitable employment. Real estate values plummeted and people were faced with a situation of "negative equity" -- owing more on their house than it was now worth. In frustration, some just packed up and left the city, abandoning their homes. HUD officials found themselves with thousands of Colorado foreclosure properties on their hands and needed to dispose of this inventory. With so much real estate on the market, prices dropped even further. When people joked that you could buy condos with a credit card, it was truth in jest. Small condo units could be bought in some areas for $10,000 to $15,000.
1990's
As Denver worked its way out of its economic problems, people around the country began to take note of the real estate values here. Californians came by the thousands, finding the nice profit they'd made selling an average home on the West Coast would buy what was practically a mansion here in Colorado. New Yorkers, Texans, people from the mid-west streamed here, finding not only good real estate values, but "quality of life" as well. Meanwhile, state and city officials had been busy trying to boost Colorado's sagging fortunes by attracting new businesses to the area. They came too, many with a corps of relocating employees. By 1992, the boom had begun. A newly listed house might sell within hours, with buyers rushing their decisions lest someone else get ahead of them. As home sales picked up dramatically, builders noted the opportunity and new home developments sprang up everywhere. The newer homes were bigger and more expensive than what had been typically built before, and this further pushed up "average" home prices.
2000-Present
If you're moving to Denver now, you'll find that the incredible bargains of the 90's (especially the early 90's) are still here. While the "median" price of a single family resale home is right around $220,000, however, there is still considerable inventory in the $100,000 to $200,000 range. There's even more to choose from if you're looking in the over $200,000 and over $300,000 categories: new luxury home developments abound, there has been much "in-fill" building and renovation in some of Denver's older exclusive neighborhoods, and "prairie castles" dot the rural perimeter of the metro area. The variety of homes available is much greater than it was just ten years ago. There's a wide variety of listings in all price ranges, in almost every area. Denver, like many areas around the country has felt the impact of foreclosures and 'Short Sale'. These properties are primarily found in the Condo/Townhome market. These have produced some excellent buys for both investors and first time home buyers alike. The slowing of the overall economey, even though better than many parts of the U.S. has also produced some excellent values in the upper end price ranges. Also, interest rates are excellent and there has never been a better time to buy a home.
2010 and Beyond
The outlook for Denver's economy and real estate market continue to look favorable. Household earnings here remain significantly above the national average. People who've purchased houses here over the years have seen considerable appreciation on their investments, and while no downward trend lasts forever, this one looks like it has bottomed and we look forward to a very healthy future.
