Source: Kurt Sevits at Denver 7
Inventory is still low but we actually have some different kind of news to report to you: the Denver real estate market is slowing down just a little bit. In September, the number of homes that sold had a noticeable decrease. Typically sales are down 10% from August to September, but last month it was down 21%! Showings are slowing down as well. Denver isn’t known for following seasonal trends (#snowinoctober), but we may be getting a glimpse of an true seasonal slowdown in the real estate market.
New Denver Affordable Housing Plan Faces Questions about How City Will Help Residents Being Pushed out
Source: Jon Murray at The Denver Post
Denver released Housing an Inclusive Denver, a 98 page draft plan that goes over how the city will bring opportunity to vulnerable neighborhoods. Rightly so, residents are questioning if this plan will help them actually stay in their home or if it will displace them somewhere else. In neighborhoods where generational and cultural roots run deep, we understand their concern. What are your thoughts?
Source: Ben Miller at Denver Business Journal
99.5% of Denver homes are worth more than they were at the peak of the housing bubble in the mid-2000s. This is impressive, given that nationally only 48% of homes are worth more than they were at the peak. Just how much have Denver homes increased in value? A whopping 60% on average. What’s crazier: experts don’t see this reversing anytime soon.
Source: Michael Konopasek at Fox31 Denver
In November, Denver will vote on whether or not new large buildings (25,000 sq ft or larger) should be required to install rooftop gardens, solar panels, or both. The purpose: to combat what is known as the “urban heat island” effect — when metro areas are significantly warmer than surrounding areas because of human activities. Our thoughts? Sounds like a great deal but the end users have to be willing to pick up the tab unless there is an incentive package. This will be another layer of expense for new housing when Denver is already in need of more affordable options.
Source: Megan Arellano at The Denverite
We will go ahead and put your mind at ease: this article isn’t talking about seven-figure home prices! Instead, Denverite brilliantly breaks down the seven different numbers that are affecting the Denver real estate market.
From Denver’s ranking in the Case-Shiller index, to the number of construction complaints the City of Denver has received, this is a fantastic cheat sheet to help understand whats going on in the Mile High City.
Source: Denver Business Journal
Denver real estate has thrown us an interesting curve ball and we love where it’s taking us. Golden Triangle, one of Denver’s oldest neighborhoods, is the most expensive area to rent (we’re talking median rent of $2,100 for a one bedroom!). The art scene, local restaurants and bars, and all of the happening festivities draw people into this culturally rich, upscale neighborhood. But wait for it….
It may be ridiculously pricey to rent in Golden Triangle, but it’s not ridiculously pricey if you want to buy, with properties for sale starting at $219k.* Which means you can buy in this hood and have a mortgage that is less than the median rent. We’ll take it!
*at the time this article was written.
Source: We Are Apartments
Denver placed 9th out of 50 metro cities for hardest places to add apartments. Denver’s biggest barriers to growth are the lack of additional land to develop within the county and city regulations. Factor in expensive land and high construction costs and it’s no wonder that affordable housing is becoming more and more difficult to find. Read the full report or:
Source: Ben Markus at Colorado Public Radio
With Denver’s hot seller’s market, everyone thinks sellers have it easy. But that couldn’t be farther from the truth (unless a seller is moving to the south or midwest. In that case: they’ve got it made!).
A seller can sell their place fairly easily. But if they want to stay in Denver, they’ll have to deal with the lack of housing inventory with the rest of us. This is causing sellers to stay put and opting to remodel (rather than replacing) their homes.
Source: Ben Miller at Denver Business Journal
“Is the Denver market going to pop?” This is one of the most frequently asked questions we hear from buyers
The short answer: no.
The long answer: Denver’s low unemployment rate, insane population growth, and short supply of homes is proof that the market isn’t letting up any time soon. In fact, Veros estimates that Denver’s homes will appreciate 10.3 percent over the next year, placing us at #2 under Seattle in the “strongest markets in the country” category.
We’ll take it!