Metro Denver Housing sales surge 23 percent in November! Who says it is the slow time of year?
In article out today from the Denver post, we see just how much the First Time Buyer credit has helped the real estate market, and with it pushed back to next summer, we should see more great results in the near future. Historically people think winter is a slow time of year for Real Estate. But these numbers tell a different story and I have never been busier, already lining up appointments for right after Christmas and new listings ready to go the first of the year. If you have been sitting on the fence, now is the time to get off.
Here is a snippet from the article. To read it in its entirety, click here. Metro Denver’s housing market showed its first year-over-year improvement in 11 months, as the number of homes sold in November surged 23 percent over the same month in 2008, data released Tuesday showed.
At least part of the increase was attributed to a rush by buyers to take advantage of the $8,000 federal tax credit for first-time homebuyers, originally set to expire at the end of November but later extended through the spring.
But it wasn’t just first-time buyers who returned to the market. The median sales price for condos and single-family homes increased, a sign that more-expensive properties were also selling well.
“An increase of 23 percent versus a year ago suggests that confidence levels of potential buyers are higher,” said Jeff Thredgold, an economist for Vectra Bank Colorado. “Part of that is based on better economic news, and part is based on the most attractive mortgage interest rates in 40 years.
“We were all in this massive state of flux a year ago. The sky was falling, for all we knew.”
Last month, 3,599 homes sold, compared with 2,920 in November 2008. Sales last month were down 9.1 percent compared with the previous month, when 3,958 homes sold.