Discover Denver Luxury Homes & Real Estate - Kelli Lanphere - Excellence in Real Estate Since 1984 -

Each year at about this time, I optimistically gaze into my crystal ball and make predictions regarding the future of Denver real estate. In preparation, I reflect upon the events of the past year, analyze current market conditions, review year-end statistics and closely monitor key indicators as well as economic trends that influence the direction of our real estate market. That being said, I can enthusiastically say that I am approaching 2004 with open arms and am very optimistic that this will be a wonderful, more balanced year for both sellers and buyers in our Denver Real Estate Market.

With Spring just around the corner, our Hilltop-Crestmoor real estate market is already off and running! I'm happy to report that activity and interest from both buyers and sellers began heating up more quickly than usual this year - a strong signal that there is more comfort with the Denver Real Estate market and, that now is the time get back in the game!

2004 already looks to be off to an exciting start! This is great news because the 2003 Denver Real Estate market faced many challenges. Our economy was struggling to climb out of recession. Overpriced properties were not selling. Foreclosures were rising. Market Inventory had begun to increase and properties were taking longer to sell ' unless they were priced at about 10% or more below market. One of the market's biggest challenges the time commitment that it took for most sellers to 'stick with the market' to ultimately sell their property for a reasonable price. Statistics show that It took approximately 30% longer for most properties to sell in 2003 as compared to the previous year. This statistic was consistent in virtually every neighborhood and over every price range ' and, was especially so for the million-plus market which struggled with an oversupply of inventory. Although our national economy had begun to recover; Denver's economy was still 'lagging behind' and, as a result, our real estate market continued to be somewhat cool despite positive signs of economic recovery.

In spite of it all, our 2003 Hilltop-Crestmoor housing market still managed to defy gravity through what had been the worse economic slow down we'd experienced in years. Remarkably, even in a cool real estate market, our single-family home median values continued to appreciate at approximately 5%. All things considered, 2003 was another good year for Hilltop-Crestmoor real estate!

So, how will 2004 fare? The best analysis seems to suggest that the worst is over and that Denver's economy is finally on the mend! With last year behind us, we are already moving full speed ahead into the promise of a new year. The economy seems to be picking up speed too ' Consumers seem to be more confident and have a brighter outlook on the future. Interest rates are still unbelievably low ' the lowest we've seen in 45 years! Unemployment has a positive forecast for 2004. The stock market seems to be back on track and growing stronger every day. While the influence of war (and the pursuit of peace) remains a very powerful variable in each of our lives, consumer confidence remains positive and will likely continue to be the backbone of our economy. All these things seem to be influencing the 2004 Denver Real Estate Market in a very positive way '

In January, February and now into March of this year, we have experienced a dramatic change in buyer activity. We went from 10 showings a week to 10 showings A DAY for many of our listings! We received 2 and sometimes 3 contracts on several of our new listings which resulted in 'bidding wars'. We have personally sold 3 of our own listings in the past few weeks. Perhaps the most interesting statistic of all ' The builders are back! And, they are buying land to develop in Hilltop-Crestmoor as fast as they can find it! This is yet another key indicator that the confidence level in Denver's Real Estate market seems very solid. So, what's in store for 2004?

The $300,000 ' $500,000 market should be incredibly strong this Spring. Properties in this price range are consistently 'entry' level in Hilltop-Crestmoor and, this price range is always very competitive because first home buyers and builders often find themselves competing for the premium sites.

The $500,000 ' $1,000,000 market should also enjoy strong demand this Spring as these properties represent a mix of land value for larger lots, new construction in some neighborhoods (Lowry, Stapleton, Mayfair and Mayfair Park) as well as updated, established homes in Hilltop-Crestmoor and other fine neighborhoods.

As for the $1,000,000+ market, there seems to be positive movement and activity in almost every neighborhood as oversupply works its way down and prices begin to adjust accordingly. Patient sellers should benefit from a more balanced market while savvy buyers should benefit from low interest rates and ample inventory - while it lasts.

In summary, strengthening National economy is finally beginning to positively affect Colorado's economy - as well as our Denver real estate market. That being said, our looks bright! Favorable market conditions (low interest rates, reasonable property prices, ample supply etc.) should continue to attract serious buyers to our marketplace. If you're placing your property on the market this year, you can expect it to take less time to sell than it did last year. Home values should continue to stabilize in the more popular price ranges and in the upper-end price ranges as well as oversupply works its way down and positive price adjustments are realized. If you are planning on buying or selling this year, statistics show that market activity is generally strongest in the first 6 months of the year. Sellers, now is the time to get your properties exposed to the greatest number of serious buyers. And Buyers, now is the time to take advantage of the still unbelievably low interest rates! Don't wait too long to get in the game because it looks like the 2004 market is already in full swing! Here's to another exciting - and more balanced - year for both sellers and buyers in a strengthening Denver real estate market.

* * * Kelli Lanphere - Selling Denver's Top Neighborhoods Since 1984 * * *

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