A recent trip to India for a real estate conference slowed down my blogging for the past month. It’s great to be back in Denver, where we’ve had a hot and dry summer, after a rainy and cold spring.
Real estate ownership and sales are very different in India, but in some respects there are many similarities. Limited supply and high demand create high prices in areas like Mumbai, and the headlines while I was visiting were all about the high prices leading to issues of lack of affordability.
We visited one 3 bedroom condominium in a nice area of Mumbai that was renting for $20,000 US per month. It was lovely, with slab granite, tile and wood finishes and baths for every bedroom. It wasn’t over-the-top amazing, though, and didn’t have much of a view. And it was less than 3,000 square feet.
Back to Denver reality.
Prices for Denver single family and condos combined are improved by a bit from a year ago, and are up from last month. This time last year, average price was up year over year by more than 6%, so we’re on our way to digging out of the hole in specific neighborhoods and price points.
We’re also up over 17% in number of closed sales from last year. The flurry of market activity in 2010’s first two quarters set the bar for recovery, and Denver’s real estate market continues to incrementally improve. More good news – under contract properties increased nearly 12% from last year.
Month over month shows weakness, with every category except number of active listings and average price taking a tumble.
We’ve been on another economic roller coaster the past two weeks. A time of opportunity for property investors. Rates will continue to be historically low for many months. If you’ve considered buying an investment property, you should do it soon. A trifecta of low rates, home prices still low and rental vacancies at record lows. Investors are shifting into real estate for a good reason.
Look for your next home or an investment property at www.GretchenRosenberg.com. Gretchen Rosenberg’s home search site.
P.S. did you know that the world’s most expensive single family property is in Mumbai? We drove by it several times, and it’s quite a sight to see. Check it out!