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Housing Market Wakes Up From Winter Slump
For Immediate Release On: 4/21/2009
For Further Information, Please Contact:
Andrea Lopez - CBS4 Denver at
Relevant Info on the Web: http://cbs4denver.com/business/housing.market.spring.2.990866.html
Spring is often a time when the real estate market starts to wake up after a stagnant winter. There are more people selling and buying, according to some real estate agents. RE/MAX agent Dave Simonson says that sellers in the Denver area may have a little more luck this spring, however. He's seeing an increase in the number of homes that are selling; and an increase in condo and townhome prices; and a decrease in the amount of time homes for sale are sitting on the market.
"Overall sales for single family homes as well as condos and townhomes in the Denver area increased by almost 30 percent from February," he said. "From February to March, the average sales price on condos and townhomes increased by 9.75 percent."
Although there are more single-family homes for sale in the Denver area than townhomes and condos, townhomes and condos are selling more quickly. They are typically the first to get hit when the real estate market is beginning to crash. Conversely, they are often an indicator that things are turning around when agents start to see sales pick up. Simonson thinks that people are buying more townhomes and condos right now because lending is tight, and because they're being more cautious with their spending.
"We've seen a tightening up in the financial markets for lending," he said. "That lending has basically brought people back to more of a realistic starting point when they're purchasing homes. People are being more cautious about how much they spend. They can qualify for a lot more but they tend to want to be in something that they can easily afford, as opposed to spending every dollar that they make."
Simonson says no one has the crystal ball that will show us when the market will regain the strength it once had, but the positive changes are encouraging.
About Trenka & Associates: Trenka & Associates is one of Downtown Denver's leading Real Estate Companies. http://www.condosandlofts.com
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