Forbes magazine reports that Denver is on the list of 10 cities where Americans are relocating.  “Unemployment is on the rise, credit is tight and consumers aren’t spending – which means they aren’t picking up and moving much either.  Very few places in America saw significant population growth in 2008,” Forbes said in its report.  “But the buzzing metropolitan area of Denver bucked that trend,” Forbes added.  “Its population increased by 2.17 percent in 1008 and 2.09 percent in 2007.  The report notes that Denver was listed as the most popular city in America in an October 2008 survey, “so it’s no surprise that this metro area still attracts newcomers.”  Denver also recently ranked No. 14 on Forbes’ list of the best U.S. places to do business.

Another report showed the number of Denver area homes sold in March increased 29.1 percent to 3,206, compared with 2,484 in February, possibly indicating pent up demand.  The median price of a single family home in March was $203,950, up 6.2 percent compared with February, and the median price of a condo was $128,500, a 9 percent increase over February.  The report also indicates there were 20,628 homes on the market in March, up 2.8 percent form the prior month but down 19.2 percent compared with the same time last year.  Homes are starting to sell faster, with the average days on market declining 6.7 percent to 101.  Single family homes were on the market an average of 99 days, which was the first time in six months the number was under 100 days.

Current active inventory is at a 6 year low right now, and homes under contract this month are up 9.63 percent over last month.  Some segments of the market are seeing multiple offers in the lower prices ranges, indicating price appreciation is occurring at the entry level, and the $8,000 Tax Credit for First Time Homebuyers will give a jump start to homes priced under $400,000.  Even high-end properties are also starting to move.

Housing experts have long argued that weaker rates of home-price appreciation in Denver compared with markets such as Las Vegas and Phoenix this decade would eventually translate into a quicker recovery here.  Speculators buying multiple housing units didn’t flock to Denver, which would have fueled a double-digit run-up in prices similar to what cities like Phoenix saw in 2005 and 2006.

Recently, Freddie Mac interim chief executive John A. Koskinen said that mortgage rates are “probably as good as it’s going to get” and the housing market is likely to rebound sooner than some forecasts.  He added that interest rates are probably close to bottoming out, and therefore, people who put off home purchases should take advantage of the low rates and a buyer’s market.

So, if you’re ready to buy or sell, it seems as if it could be a great time!  Give the Arnie Stein team a call, and let us assist you with all of your real estate needs.