The Whittier Denver Homes market should now start to see the benefits from positive overall growth. This is even more good news for Denver neighborhood residence that have experienced stable home values, which slowed during the real estate downturn of the past 5 years.
Also, according to the Bureau of Economic Analysis, real GDP rose to 3.0 in the first quarter. Real GDP is the output of goods and services produced by labor and property located in the United States and is also an important leading precursor for real economic growth. This rise in GDP is in step with the jobs growth and gives further evidence of solid economic recovery which the nations economic experts say will help the recovering housing market gather steam.
So how does this expanding job market and rising economic growth affect the Park Hill homes market? . Rising real estate values occur when there is an increase in demand in a market that has average to below average inventory. Average inventory is generally measured in monthly supply. Housing supply better defined; the housing inventory monthly supply is measured by counting the number of months it would take to sell the current inventory if nothing else comes available, based on the current average days on market. Furthermore, a 6 month supply is the difference of a buyers market verses a sellers market. homes were already only holding a 4 month supply in the first quarter according to the CO Metrolist, so rising demand should correlate to rising Park Hill CO home values.
The real estate market has already hit bottom for most of the cities across the country. Here in we have indicators showing that we have been past our bottom since February of 2009. Not only past a value bottom but increases; The S&P/Case-Shiller April report showed a 4.6% value increase and of the 20 cities only Denver and 3 others had showed 6 months of straight positive gains.
Lastly, I found two other statistical points that show real estate values are getting stronger:
-Listing prices versus selling prices of homes nationwide is now smaller than it's been in a year, according to real estate research site Trulia.com.
-According to Realty Trac, foreclosures, which are clearly still a drag on the home market, dropped by 2% last month, which is the second straight month of decline.
With all this data in mind, Metro Home Buyers should feel confident with their real estate investment and know their home will start to work for them.