(Newswire.net — December 24, 2013) Highlands Ranch, Colorado — Along with being named one of the ten healthiest real estate markets in the United States by USA Today, Denver has been one of the top markets selected by the Zillow Market Index Report. According to the Zillow Report, homes in the Denver Metro Area gained 21.9 billion in total value in 2013. This continues a trend where homes gained 18.6 billion in value through 2012, making Denver one of the top real estate markets in the United States.
According to the report, the cumulative value of all homes in the Denver metro area stands at 265 billion. Despite some struggling markets, home values nationwide are up for the year by nearly 1.9 trillion, the largest gain since 2005. This year put Denver in the same list as market heavyweights Los Angeles ($323.1 billion), San Francisco ($159.2 billion), and New York ($123.1 billion).
James Romano of Elite Home Sales Team sees this as evidence that the positive momentum of 2012-13 can be carried over into the new year. “We saw the market bottom out in 2012, and it has gone nowhere but up since then. We are seeing the beginning of a more sustainable and overall healthier market here in Denver.”
He is especially encouraged by other statistics that were made public in the Zillow Market Health Index report, “The Zillow Report is a great new tool that we have available. On top of an 8.1 percent market gain we can see that 86% of homes sold for a positive gain this year. The average house is only staying on the market for 62 days, so this is telling us that this is a great time to buy real estate in Denver.
Romano believes that there are many factors contributing to the success of the Denver market while other regions of the country are still fighting their way back from the crash of 2008. “We have been building up slowly and carefully, and now you are seeing low mortgage rates and the improving economy bringing buyers back into the market. Demand here in Denver is high because it is a great place to live, coupled with a strong job market.”
Elite Home Sales is a Denver Area company with deep roots in the community. James Romano is a broker associate and owner of Elite Home Sales Team, with 21 years of experience in the market. For more information on the market in the Denver Metro Area, visit his website at http://www.coloradomaintstreetproperties.com.
Written by: Rob Armijo