Good Trend For Denver's Housing Market

Denver's housing market appears to have turned the corner.

Supply and demand always determines the value of a product or an entire market. The breaking news is that the supply of currently listed homes for March 2008 is 3.5% less than for the same month in 2007. This is a very significant number indicating the Denver housing market is improving as compared to a year ago.

Another interesting point is that Denver is one of only five major markets to see a decrease in available homes as compared to the same period last year. Denver has only a 6.4 month supply of homes available today; one of the lowest numbers of all major housing markets nationally. In contrast, Miami has a 35 month supply of homes and other areas like Las Vegas, Tampa, and Detroit have close to an 18 month supply.

Other indicators that Denver has turned the corner can be found in a recent Forbes article stating that local builders had reduced building by nearly 50%, Denver has seen a 20% drop in the number of vacant homes and new jobs has increased by 2%.

If you are considering buying a home in Denver, you might want to do so before the prices start to increase. And, before the inventory of available homes decreases further.