Austin Renfert

Denver Real Estate’s Seasonal Cool Down

Denver Real Estate Market Snapshot - August 2019

Home sales slowed this August as the summer nears its end. In July, we saw high sales volume and sales price. August had a large dip in detached home median sales price while attached condos, townhomes, and duplexes rose in median sales price. Interest rates continue to fall, the lowest they’ve been since October 2016! The star player in Denver’s home market continues to be inventory, with the highest number of August active listings in the last six years. This is resulting in homes spending more time on the market, and lower home prices.

The cost of entry to Denver home ownership

Source: Bill Hethcock and Denver Business Journal Staff of the Denver Business Journal

John Burns Real Estate Consulting has analyzed 130 metro areas in the United States for what percentage of their residents can afford an entry-level home in that metro. The report considered a home priced 20% lower than the median in that area as entry level and assumed a 5% down payment. It features an interactive infographic which allows you to compare Denver with other major metros across the country! Denver, with 50.2% of it’s residents able to afford a home in this range, is much more affordable than cities like San Francisco (11%), NYC (36%) and Boulder (40%), but less so than Boston (51%) and Chicago (59%) and several other metros.

Just how big is the barrier to entry to owning a home in Denver? Here are some numbers for the five most expensive zip codes in the city:

Cost of Entry in Denver's Most Expensive ZIP Codes

ZIP CodeDenver Neighborhoods within ZIP CodeMedian Home ValueMonthly Mortgage PaymentMinimum Salary Required
80238Stapleton$592,600$2,989$119,579
80210Platt Park
Rosedale
University
$603,900$3,046$121,860
80230Lowry$626,300$3,159$126,380
80206Congress Park
Cherry Creek
$664,800$3,354$134,148
80209Wash Park$724,900$3,657$146,276

Looking for a neighborhood that’s more friendly to your pocketbook? Reach out to our team and we’d love to help you find your next place.

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As metro Denver home prices continue to rise, one builder’s answer is to go smaller

Source: Aldo Svaldi of the Denver Post

Anyone with a “Native” bumper sticker can tell you how fast home prices have risen in the past decade. The median price is now over five times the median household income, a new record which has economists scratching their heads. This article touches on a frequently overlooked contributor to our current home prices: the size of new homes. With new homes going bigger and bigger in scale, some developers are focusing on building smaller homes to be able to reach the “median” Denver residents.

Read more about the reasons for the rise in Denver home prices and how one developer, Mission Homes, is thinking small in the full article below!

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“There’s speculators buying up houses:” Denver’s East Colfax braces for transit, density and displacement

Source: Andrew Kenney of the Denver Post

East Colfax Development

Denver government and development reporter Andrew Kenney believes, “East Colfax is the next frontier.” From small-scale home-flippers, to development firms, to the City of Denver, investors have big plans for this neighborhood. The danger, as it always is with development, is displacement. Can the City of Denver and its housing market players revive this area’s businesses and public transportation? And, can they do it without destroying one of Denver’s last pockets of affordable housing? Read the full article below to learn more!

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Curious what’s for sale in this neighborhood? Find out here:

East Colfax Homes for Sale

Trying to sell a home in Denver? Ditch the carpet, shag or otherwise.

Source: Aldo Svaldi of the Denver Post

Ditch the Carpet

Companies that buy homes directly from sellers in enormous quantities have surged in popularity by simplifying the process for the seller. One of the most prominent companies with this model is Opendoor, who collects data on what home buyers are looking for — and what they’re not. Carpeted floors are at the top of Opendoor’s “not” list. Read the full article to see how much money carpet could knock off your sale price and what else Opendoor recommends avoiding.

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New Census data: See How Denver’s Population Growth Compares to Other Large Metros

Source: Rebecca Troyer of the Denver Business Journal

The Denver metro area saw another jump in population, by an estimated 1.53% from 2017 to 2018. This data probably does not raise any eyebrows of anyone commuting to work on I-25. Greeley, CO, came in at No. 7 for fastest growth of metro’s nationwide.

Dive into the full article below for a comparison of Denver’s growth and that of other U.S. metros!

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The 25 Best Places to Buy a House in the Denver Area

Source: Denver Business Journal Staff
#23 South Park Hill

Denver metro’s median home price jumped above $500,000 last month, strengthening Denver’s already highly sought after market. For a new home buyer though, searching in the Denver area might seem like a daunting job. Luckily, the Denver Business Journal has teamed up with Niche to showcase some neighborhoods with affordable prices, good schools, and great safety scores. Here are their picks within Denver County and what’s currently available for sale:

View the whole list

Denver Home Prices Continue to Rise, but Market Softening Ever-so-slightly

Denver Real Estate Market Snapshot - April 2019

For the first time since May of last year, the median sales price for detached single family homes is back above $500,000. The median price this April, however, is 1.2% lower than April of 2018. Months of inventory rising 50% higher in April 2019 compared to last April, means that homes are taking longer to sell. With a lower interest rate and higher inventory, Denver buyers are feeling a little less pressure compared to last April. Last May, Denver experienced the highest median sales price of all time, and May of 2018 was also the second highest month in sales last year. Year-over-year prices and sales volume are lower than 2018, but month-to-month sales and prices are rising steadily in 2019. Regardless of the slighter softness in the market this year compared to last April, it is safe to say we’re in for a very active market this month.

Denver’s Cole, RiNo neighborhoods set for dramatic redevelopment

Source: Matt Mauro of Fox 31 Denver

New projects, like the in-progress Denver Rock Drill renovation, are reshaping the city’s Northeast corridor. RiNo residents Kerry and Jay, interviewed by Fox 31, are excited for the change, but don’t love the construction. Cole and RiNo locals who tough out the noise and debris of redevelopment will be rewarded with more green space and exciting new neighborhood restaurants and bars. Watch and read the full story below.

Article and Video

$4M Cheesman Park Mansion Tops Local Home Sales in March

Source: Libby Flood of the BusinessDen
Photo courtesy LIV Sotheby’s International Realty

Fetching the highest sales price in the Denver Metro area for March was an 8,775 square foot mansion at 860 N. Vine Street. The buyers were represented by our very own Rebecca Cooper! The home, fortified by beautiful red brick, features historic details dating back to the 1920’s. Read the full article to find out more about this stunning home.

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