Cheesman Park Real Estate Market Trends – Colorado

News for Cheesman Park, CO - June 15th, 2011 12:56pm

Homes under contract in May in metro Denver increased 23 percent from a year ago, driven by high rents that have made buying homes more attractive, real-estate analyst Gary Bauer said.

There were 4,777 homes under contract, compared with 3,883 homes a year ago.

"The number of rental units has gone down, and the price of renting has gone up," Bauer said.

He said that because of that, homebuyers have a better deal than renters since they can receive a mortgage-interest deduction on their taxes.

Bauer said the fact that fewer home sales closed in Denver this May than in May 2010 was a reflection of the housing market returning to normal after a frenzied spring in 2010.

In May, 3,732 homes closed, compared with 4,365 in May 2010, according to Metrolist Inc.

First-time homebuyers had until the end of April 2010 to put a home under contract to obtain a tax credit of up to $8,000, which pushed closing numbers up last year.

"We are back to a normal market," Bauer said. "This doesn't concern me."

Bauer said the Denver market is heading into the "prime time" for closings, normally in June, July and August.

There were 19,573 homes and condos available for sale at the end of May, down 11 percent from the 22,016 available a year ago.

The median price for single- family homes in May was $230,000, the same median price for single-family homes as in May 2010.



Read more: Denver-area homes under contract in May up 23 percent from year ago - The Denver Post http://www.denverpost.com/business/ci_18234650#ixzz1PMqI3Old
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