Bloomberg BusinessWeek reported last week that Denver’s real estate market is “most improved.”
I think we’ll settle for that. We’ve always said here in Denver that our economy is counter cyclical, setting the trend up or down. If Denver is improving, then much of the U.S. will follow. Our real estate market statistics showed a slowdown in May from April, but we were still up over 20% from last year. That’s a dramatic gain in sales and activity.
My Great Grandfather founded the Miss America Pageant in Atlantic City to promote a lengthened summer season at his beach resort. Did you ever wonder why the Pageant was in September? Advertising, positive spin on his city, hotel guest-counts, paying guests in September.
But to the contestants, it was more than hotel guest-counts, it was a lifetime dream. They wouldn’t want runner up or most improved. But being most improved is fine for us here in Denver – we’re happy about it! We want to be most improved! We don’t need to be Miss America.
Patty Silverstein, Chief Economist for the Denver Economic Development Corporation, said in a seminar yesterday that official employment figures don’t include the self-employed. We’re officially losing jobs, yet we added 89,535 new residents to Colorado in 2009. Adding people increases the likelihood that housing demand will increase as well.
It’s true that sales slowed from March and April to May. The tax credit had a lot to do with pushing the summer business forward. But with solid growth our improving real estate market will continue the positive momentum. Most improved means setting the trend. Crack open the Champagne!
Then search for your next home at www.GretchenRosenberg.com.