The Denver metro area ranks 221st out of 285 in rate of appreciation for the first quarter of 2007 at .34%, according to the Office of Federal Housing Enterprise Oversight (OFHEO).  The one-year rate is slightly better at 1.09%, and the five-year rate is a mediocre 14.78%.  By comparison, the top rated MSA (Metropolitan Statistical Area according to the U. S. Census Bureau) is Wenatchee, Washington, with a first-quarter appreciation rate of 25.6%, a one-year appreciation rate of 5.96% and a five-year increase of 70.56.

The lowest MSA is Punta Gordon, Florida, with a net loss in the first quarter of 4.57%, a one-year loss of 2.81%, but in the last five years Punta Gorda showed a gain of an astonishing 94.81%.

The lowest 20 MSAs show first-quarter losses from 1.93% in the San Diego-Carlsbad-San Marcos, California area to the 4.57% loss in Punta Gorda.  Among the lowest 20 MSAs, the range of appreciation for the last five years is Cape Coral-Fort Myers, Florida metro area with a 108.07% gain to an 8.55% gain in the Detroit-Livonia-Dearborn, Michigan metro area.  Some areas, like Cape Coral-Fort Myers show the results of the so-called "real estate bubble" bursting in the last year to 18 months, while Detroit shows a slighter decline.

The upshot is that while Denver showed remarkable appreciation in the 90s, there is NO bubble-burst effect from those years with a precipitous loss in market value.  Instead the market remains flat but steady.  Good news for buyers.

If you want to find out what YOUR house is worth, check out OFHEO's calculator.

And if you'd like to be updated on Denver's market conditions, sign up for the Denver Real Estate Update at the Buyers Advantage website.