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!
“There’s speculators buying up houses:” Denver’s East Colfax braces for transit, density and displacement
Source: Andrew Kenney of the Denver Post
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!
Curious what’s for sale in this neighborhood? Find out here:
Source: Aldo Svaldi of the Denver Post
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.
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!
Source: Denver Business Journal Staff
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:
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.
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.
2018 was without a doubt an explosive year for Denver’s residential real estate market. As the dust settles (figuratively, not literally), here at Love Your Hood we’re bringing to light the market conditions affecting current and future Denver homeowners.
Interest Rates Falling
Interest continue to fall this quarter, as they have since reaching a 2018 high in October last year. Falling mortgage rates mean more buying power. In Denver, lower borrowing rates along with other factors have driven the price of both attached and detached homes up consistently over the past three months.
Home Prices Starting Another Climb?
Jumping into sales price; the above graph visualizes the end of a brief lull in Denver home prices in the final quarter of last year. The final patches of snow are melting away, the flowers are in bloom and Denver’s real estate market is heating up too! After last year’s record-setting summer prices eased off largely in part to growth of Denver County’s inventory. Now, Denver is experiencing the opposite–Dropping inventory and rising median home prices. Will median housing prices reach the rates they did last summer?
Housing Inventory Retreating Once Again
Denver’s supply of inventory grew slowly but surely from last July to a nearly 2.75 months this February (the most inventory Denver county has on record since October of 2013!!) Median home prices dropped over that time as inventory rose. The above graph shows the last year of inventory with a sharp drop off after February. Compared to last year, though, inventory in Denver County is high…
More Inventory in Denver, Yet Less Homes Sold
If the cranes dominating the Denver skyline and the orange construction cones guiding you to work every day could be quantified on a graph: this would be it. The above graph shows inventory and sales over the past month compared to last March. Across the geographic area represented above, there is one bar that dominates the graph: active listings in Denver County. With a significant bump in available housing going into Spring of 2019, homebuyers will have a multitude of housing options. It’s even possible median home prices will soften this year compared to last.
Source: Laura Kusisto of the Wall Street Journal
Our nation’s economy experienced one of the strongest six month periods in decades during Q2 and Q3 of the past year. Yet, the housing market grew increasingly stagnant. The nationwide slowdown is led by the the same cities that have had the strongest growth following the previous recession: Seattle, Denver, New York City, Boston and the Bay Area. Wall Street Journal reporter Laura Kusisto states this decline as “the longest slump in more than four years.” Kusisto dives into further data, graphics and stories of how market pressures have affected new people in the full article.
Source: Bruce Finley of the Denver Post
A quick glance at this article’s title might merit a smug “duh” or “of course.” As a city grows, green space almost always disappears. However, based on research from The Denver Post, this is a critical issue for Denver residents. Based on aerial imaging and historical trends, Denver’s green space could drop to 30% of the total city by 2040. Only New York and a few “mega cities” exceed the rate at which Denver’s green space is being developed over. An arguably more important metric is the fact that Denver ranks last among major U.S. cities in park space as a percentage of total area. City planners and the Denver community as a whole are going to have to get creative to prevent these grey projections from becoming a concrete reality.