August 28, 2008

Market expert Patsy Brown is reporting that a positive outlook has hit the Denver market.

With the arrival of the Democratic National Convention, the city of Denver has spent the past few months gearing up for an influx of visitors anticipated to number around 50,000 including delegates, elected officials, media, VIP and assorted guests and volunteers.

Economic revenues are anticipated to bring in some $160 million dollars to the Denver area.

Rentals (both private homes and Condominiums)for the Convention have been brisk and profitable for owners willing to vacate their homes for the week of the convention.

This positive outlook has carried over into the Real Estate market with the current inventory of homes shrinking over the past two months as home sales rose 2.6% in July.

Also noteworthy is the fact that Denver's market did not experience the plunge in prices as seen in other parts of the U.S- in fact Denver's decline was the 3rd SMALLEST among the 20 cities tracked by Standard & Poor's/CaseShiller 20-city index.

As we come to the end of August, Brown notes that home sales will begin to soften once again as families settle in for the coming school year or try to fit one last vacation in before the summer draws to a close ... with August, November & December are typically the slowest months for Real Estate.

She says that Denver has avoided some of the rougher real estate pitfalls in part because it is such a desirable place to live: averaging over 300 days of sunshine a year, Denverites love being outside and are among the fittest of US citizens. The city is also one of only 2 with 8 professional sports teams, so when Denverites aren't participating in a sport, chances are they are watching one!

Not surprisingly, businesses find Denver a great place to locate and this in turns bodes well for an active Real Estate market.

Brown reports that Denver will continue to be a fairly stable market without the wild swings experienced by several other cities.

Its job market is growing and expanding especially in the energy field so anyone thinking of relocationg to the Denver Metro area would not be disappointed and of course it is a GREAT buyer's market.

And Savvy Sellers also realize they can make up their losses when they in turn become Buyers