During the past year, real estate activity in Heritage Greens varied greatly from month to month.  The year ended with 26 sales in the neighborhood compared to 15 the previous year and 23 in 2008.  As always is the case in the neighborhood, average sales prices are affected by the number of newer homes that sell and by the number of remodeled older homes that sell.    

      The overall slowdown in the housing market has had a negative affect on the number of sales in the neighborhood for the past thre years but has not dramatically affected prices.  Colorado did not see as much appreciation as most markets during the early part of the decade and that seems to be helping hold values up.

              The number of foreclosures continue to be a drag on the market.  A good number of the foreclosures were a result of marginal loans.  This year again, it is estimated that hundreds of billions of dollars of adjustable loans will reset.  The Federal Government is trying to provide help for some of the people affected.  The Colorado Real Estate Commission and the State Legislature have taken steps to regulate the loan industry.  Interest rates are down but qualifying for a loan is much tougher now than it was the past few years.

       So what does 2011 hold for the Denver Area?  Opinions range from up 5% to down 5% and either side can be justified.  I feel that we will need to see significant improvement in the economy and the job market before the real estate market can move forward.  Making a move within a market neutralizes the actual market conditions.  You give up some value on one side and gain it back on the other.  If a move is in your future plans, 2011 is probably a good time to take action, while competition is minimal and interest rates are low.    

       Additional details on year 2010 sales in Heritage Greens, as well as year to date 2011 sales, are available under "Recent Sales in Heritage Greens" under the Heritage Greens tab on my site.