Given the plethora of negative real estate related stories in the media these days I was a little surprised to see this article admitting that the real estate market in Denver was considerably outperforming the national average.
I will repeat my usual mantra here: stating a national real estate average figure is like stating a national temperature average. You’d laugh out loud at the weather guy if he came on the news at 10:20 every night and said, “Today’s national average temperature was 50 degrees. Tomorrow’s national average temperature is expected to be 43 degrees.” Obviously if you live in Broomfield this would likely be of no use to you.
Why the media continues to perpetuate this leaves me confused. All real estate is LOCAL. In my neighborhood for instance, one house sold last month for the highest price ever in the neighborhood. According to Metrolist statistics the average home sale price in the Broomfield area for 2008 was $339,139. For 2007 it was $325,097.
If you’ve been watching too much TV news and are concerned about home values in your neighborhood contact a real estate agent or look up the home sale data yourself in your county. You may be pleasantly surprised.
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