Experts predict improving Denver housing market for spring 2012
The Denver metro economy is expected to reflect national averages, with slow but steady progress across a number of industries. This, combined with a faster-than-average growth in population for 2012 and a tight housing inventory, will boost new property building. According to the Metro Denver Economic Development Corporation and the Denver Metro Chamber of Commerce, a larger percentage of these properties will be either multi-family units or small-scale.
"As the national economy struggles out of the recession, so will Metro Denver's economy," said Patty Silverstein, Metro Denver EDC's Chief Economist. "Employment growth and other key economic indicators will slowly improve, but will largely hover around the national average."
Across the nation, area metros saw a boost in home purchases due to the uncommonly warm weather in January and February, despite the fact that winter months are typically a down time for sellers, in even the best years.
An estimated 2,467 houses for sale in Denver closed escrow in January 2012, according to DataQuick. This is up from the 2,363 closings reported in January 2011. This may be a reliable indicator of a strengthening housing market in Denver.