MetroDenverRealty.com

Welcome to the March edition of the 2010 Denver Real Estate Market Newsletter.

Nearly two years ago I began blogging and writing my monthly Denver Real Estate Market Newsletter with the intent of keeping you informed of current events in Denver and more importantly, keeping you up to date on the condition of our local real estate market. Since that time I’ve worked hard to expand the real estate, home buyer and home seller content to provide you with a single real estate resource.

I would like to personally ask for your help in growing my real estate business by expanding the newsletter circulation. Please forward this email to your network of friends, family and colleagues asking them to read my newsletter.  If they like the information and would like to be added to my distribution list, have them email me at psobania@gmail.com.*

Thank you for your continued support of this publication and my real estate business.

* Email addresses will not be sold or used for any other purpose except receiving the monthly Denver Real Estate Market Newsletter.

Tidbits

Insightful Quotes
“If you think you can do a thing or think you can’t do a thing, you’re right.” ( Henry Ford)

“It’s not what you do once in a while; it’s what you do day in and day out that makes the difference.” (Jenny Craig, Diet Specialist)

“You don’t get to choose how you’re going to die. Or when. You can only decide how you’re going to live. Now.” (Joan Baez Singer, Songwriter and Activist)

New This Month on Paul’s Real Estate Blog:

• Client Testimonials: One of the best ways to get an idea of what your experience may be like working with a Realtor is to find out what others have had to say. My clients are talking and have some nice things to say! Use this link!
• Buyer Guides: A special thanks to Stacy King with Colorado Mortgage Alliance for providing seven buyer guides designed to walk you through the home buying process.  Each buyer guide is specifically written for the new construction buyer, custom home buyer, real estate investor, or repeat home buyer.  Select from the Buyer’s Resources tab then Buyer Guides on my Blog.
  
• Year- over-year Real Estate Charts: Most often the real estate statistics published are for a small window of time, i.e. monthly. While this is important data to analyze, monthly data can be skewed by unusual events such as blizzards, home buyer tax credits, etc. For the very first time I’m including six year-over-year charts that demonstrate longer term trends in real estate. These are a great tool and I’m very excited to be providing these to you each month!

Scroll down to see all six charts.

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Real Estate News

Case Schiller reported that Denver-area home prices rose 1.2% between December 2009 and the same month of 2008.  Article 1 Article 2

Colorado 12th in January foreclosures down from 11^th in January 2009.  Read More

Denver’s delinquent commercial backed securities below national average.  Read More

Denver-area rental home vacancy rate at 5.5% in fourth quarter 2009, a 3-year high.  Read More

February 2010 Real Estate Summary

• Decrease in the Number of Closed Sales (down 4.7% for the month)
• Average Days on Market reduced 14% to 92 days
• Number of Active Listings reduced by 7.7% to 14,058
• Absorption Rate dropped to 6.8 months (down 9.1%)
• Average Sold Price remains strong (up 13.8% from $236,920 to $269,688) compared to February, 2009.

February 2010 Real Estate Market Trends

2009 Colorado Real Estate Market Snapshot

Homes Sold by Colorado REALTORS® in 2009

• 59,156 Single Family Units were sold in 2009, a decrease of 12% compared to 2008.
• 13,258 Condos/Townhomes in 2009 were sold, a decrease of 13% compared to 2008.
• The median price for single family homes was $214,584 for 2009, a 5% decrease in 2008.
• The median price for condos/townhomes was $150,333 for 2009, an 18% decrease from 2008.
  
  

Who were the Buyers?

• Thirty-nine percent of recent home buyers were first-time buyers.
• The typical first-time home buyer was 29 years old, while the typical repeat buyer was 47 years old.
• The median income was $58,200 among first-time buyers and $83,900 among repeat buyers.
• Twenty-one percent of recent home buyers were single females, and 9 percent were single males.

Read more

Mortgage News

FHA halts 90-day “flip rule” for one year. Read article

Colorado mortgage delinquency rate among the lowest in the nation. Read More

Fannie Mae announced new incentives for buyers, up to 3.5% of the sales price for closing costs, to help clear its inventory of homes listed for sale. Read article

New short sale guidelines announced by the Federal Housing Administration (FHA). Borrowers who were in default of their mortgage at the time of a short sale are not eligible for a new FHA-insured mortgage for three years from the date of the pre-foreclosure sale.

Twenty percent of Colorado mortgages ‘upside-down’. Read More

Economic News

Denver ranks No. 9 out of 50 as the easiest place to find a job for job seekers.  Read More

Denver-area consumer prices down 0.7% in 2009. Read more

Big retail chains with Colorado stores report reported that February sales were some of the strongest monthly sales gains in more than a year. Read More

Fed’s Beige Book reported ‘Modest growth’ during January and February in the Colorado region.   Read More

Other News

Construction scheduled to begin on Sante Fe and C470 Fly Over.  Read More

Colorado to benefit from Raytheon Co. award of a major Air Force contract to upgrade the Global Positioning System (GPS).   Read More

Denver ranks 15th in U.S. for 2009 traffic congestion Read More

42.1% of all Denver’s households with a television viewed this year’s Super Bowl.  Read More

Republic Airways to shut down Lynx air service.  Read More

Mega Millions multistate lottery game coming to Colorado  Read More

Colorado ranks 9th in Internet usage. Read More

For the first time since 1998, Ford beat General Motors in overall monthly sales.  Read More

Thank you again for your business and referrals.

If you or someone you know is thinking about buying or selling a home any time in the next year, please call to let me know. It would be my pleasure to contact and work with your referral. My commitment to you is to treat them with the utmost care as they work towards buying or selling a home.

When searching homes for sale anywhere in the Denver metro area use this link, Interactive Map-Based Home Search. This interactive, map-based home search tool makes looking for homes fun and easy. If you are interested in a specific neighborhood, whether it is your current neighborhood or the one that you hope to move to someday, this site can send you e-mail notifications when new homes come onto the market. Happy home searching!

Looking for the most current, accurate foreclosure data on the market? The Search for Homes page found on the MetroDenverRealty.com web site now has a “Foreclosures” radio button. (The radio button can be found in the ‘Search For:” section under Search Tools. Use this link to see an example if you’re having difficulty finding the radio button.)

Would you like to get an up-to-the minute report of homes sold and homes currently available in your neighborhood? Go to www.MetroDenverRealty.com and click on the Market Snapshot link.

Please call with any questions or comments. It would be my pleasure to assist you with all of your real estate needs.