Denver Home Sales Surge 23%

It was reported today that Denver home sales increased an amazing 23% in November compared to November 2008 as nearly 3,600 homes sold last month.

Second, the median price also increased 11.8% year over year up to $218,000. This is a sign of more move up buyers buying new homes as the mix of homes that sold in November changed from being predominantly first time home buyers who typically buy homes priced under $200,000.

In fact, sales of homes priced over $1 million increased a whopping 30%, its first increase in almost 3 years as reported by the Denver Post.

Jeff Thredgold, an economist for Vectra Bank of Colorado said, "An increase of 23% versus a year ago suggests that confidence levels of potential buyers are higher."

Consumer Confidence is shaped by 3 primary factors: job stability and growth, real estate, and the stock market. Colorado does have one of the lowest unemployment rates in the country at under 7%. The stock market has increased over 40% since mid-March as well and maybe people are starting to feel a little more confident about our economy. Are you?