When it comes to Denver real estate, do you double dip or single dip? Today’s S & P Case Shiller Report proved interesting to more than just real estate junkies. The highly-watched, monthly index of housing prices showed a double dip housing recession in many U.S. housing markets.
Denver bucked the trend. Barely. We’re not in a double dip – this month. At least not with this most recent report (showing data from March 2011.) Denver prices were down 3.8% over March of 2010. In February 2009, our low point, prices had fallen 5.7% over the prior year.
The S & P Case Shiller is a composite index of 20 MSA’s (Metropolitan Statistical Areas.) There are thousands of cities, towns and neighborhoods that are not factored into this report. Real estate is so specific, that your neighborhood could be up 2-5% from the low, and it could be down 50% from the high. These reports are informative because they give you a gauge of where Denver (or your area) fares against other cities.
The Case Shiller is two months behind, and our MLS usually publishes their data by the 10th day of the following month. That also gives us a good, broad spectrum assessment of the market, but again isn’t specific to your neighborhood.
It will be interesting to see how Denver stacks up in the next Case Shiller. We’ll have to wait until the last Tuesday of June to see if we remain ahead of the “double dip.”
This is a great time to be a Buyer! Don’t miss out on terrific housing affordability. Check out available homes at www.GretchenRosenberg.com – Gretchen Rosenberg’s Denver housing web site.