It’s no surprise that the millennial generation is helping Denver grow; the city’s appeal to younger residents has been well documented. Now, the New York Times chimes in with its assessment of the city’s appeal to millennials.
In a special “Cities” section in the newspaper’s Thursday’s print edition (7/21/16), it’s reported that Denver appeals to millennials for more reasons that its beer, mass transit, mountains and legal marijuana. Denver “has risen from economic stagnation and urban irrelevance to become a millennial magnet,” the Times reported, adding “one obvious reason is the economy: the city’s is healthy — and hiring.” An analysis of census data by Zillow, found that 18- to 34-year-olds accounted for 35 percent of the city’s population growth from 2010 to 2014, up from 26 percent in the first 10 years of the century.
In March, Denver was rated the best place to live in the country by U.S. News and World Report and last month, Denver was ranked high by millennials as a great place to live.
City and County Market Trends Report | AUG. '16
Quick look at City and County Market Trends Report July data. The 39 downloadable reports are comprehensive and a fantastic member benefit. Download all the reports with one click below.
Downloadable reports available:
- Adams County
- Arapahoe County
- Blackhawk / Central City
- Boulder County
- Castle- Pines / Castle Pines North
- Cherry Hills Village
- Clear Creek County
- Commerce City
- Douglas County
- ?Elbert County
- Evergreen Conifer
- Jefferson County
- Gilpin County
- Greenwood Village
- ?Highlands Ranch
- Idaho Springs
- Lone Tree
- Park County
- Wheat Ridge
Brought to you by - DMAR
August 11, 2016
DMAR Real Estate Market Trends Report | AUG. '16
Buyers feel relief with price improvements and an abundance of listings. In July, for the entire residential market (single family and condos), there were decreases in nearly every category, including new listings, homes sold, average and median sold prices and overall sales volume. The only category showing an increase was active listings, up 9.89 percent compared to the month prior.
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“Who needs a national political convention for entertainment when we get to experience the Denver Metro real estate market?” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “July was an interesting month overall as so many seasonal factors converged, pushing nearly every statistical category into the red zone.” He adds, “The one and only category that showed an increase at month’s end was active listings. As mortgage rates continue to be ridiculously low, it’s a good time to get buyers in the car and go shopping because there is an abundance of listings to quench the thirst of those who were beginning to grow weary over the past few months.”
It is important to note, however, that although overall inventory is up month-over-month, this was the lowest July on record for active listings, down slightly (0.03 percent) from the previous record set in July of last year. The record high average active listings for the month of July, and also the all-time record high, was set in 2006 with a whopping 31,989 listings.
By the numbers month over month, for the entire residential market, 6,814 new listings came on the market (down 10.52 percent), 5,436 homes were placed under contract (down 2.70 percent), and 5,016 homes sold and closed (down 10.79 percent). July closed out with 7,468 active listings, representing a 9.89 percent increase in inventory over the previous month. Average and median sold home prices both slowed down from the previous month, with appreciation slipping 1.88 percent to $412,312 and 3.01 percent to $354,000 respectively. Days on market closed the month at 25.
For the single-family home market, new listings dropped to 4,988 (down 12.61 percent) over the previous month. Average and median sold prices slipped month over month with decreases of 0.87 percent to $460,623 and 1.34 percent to $389,900 respectively. Year over year, single-family home prices are still up an average of 12 percent. The condo market showed the supply of new listings fall by 4.25 percent over the previous month to 1,826 units. The average and median sold prices decreased 2.32 percent to $285,531 and 2.80 percent to $243,000 respectively. Average sold prices for condos are still doing very well with appreciation of 12.02 percent year-over-year. Across the board, total sales volume was $12.4 billion year to date (up 5.70 percent compared to 2015).
Our monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In July, 127 single-family homes sold and closed for $1 million or greater – down 15.89 percent from the previous month and up 17.59 percent year over year. The closed dollar volume in July for single-family homes in the luxury segment was $193,359,405 down 13.74 percent from the previous month, and up 14.17 percent year over year.
The highest priced single-family home sold in July was $5,600,000 representing seven bedrooms, 11 bathrooms and 12,044 above ground square feet in Denver Country Club. The highest priced condo sold was $1,450,000 representing two bedrooms, three bathrooms and 2,202 above ground square feet in Denver. Both the listing and selling agents for the two transactions are DMAR members.
From June to July, there was a 15.89 percent decrease in the number of single-family homes sold over $1,000,000. Year to date, there was a 20.32 percent increase compared to last year and a 49.35 percent increase compared to 2014. Price per square foot continues to increase as well, with the average total price per square foot (all floors including basements) at $263 year to date for single-family homes, which is 4.37 percent higher than in July of 2014. The average price per square foot for condos was $551, which is 13.61 percent more than two years ago.
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The Denver Post
Metro Denver housing remains...
By: Aldo Svaldi | email@example.com
Embers from metro Denver’s scorching housing market, which cooled late last year, remain hot enough to reignite into another nation-leading performance, some forecasts are predicting.
Activity slowed in the fall, and the market probably won’t burn as bright as it did in 2015, a record year. But metro Denver home price gains should remain at the top of the charts nationally for a second year in a row.
“If the jobs are there, if the wages are there, if the overall confidence of the consumer is there — those are the key ingredients for a housing market,” said Alex Villacorta, vice president of research and analytics at Clear Capital in Reno, Nev.
Clear Capital is forecasting that metro Denver home prices will rise 7.7 percent this year, after an 11.7 percent gain on its home data index in 2015.
U.S. home prices, which appreciated at a 6.5 percent pace in 2014 and a 5.1 percent pace in 2015, will gain only 1.4 percent in 2016, Clear Capital predicts. Against that backdrop, Denver will lead major metro areas for home price appreciation this year, followed by Dallas and Jacksonville, Fla., the company predicts.
Metro Denver’s low 3.2 percent unemployment rate, 1.1 percent income growth and strong home price appreciation put it first on Zillow’s “hottest housing markets” list for 2016.
Zillow considers Denver “hotter” than Seattle; Dallas-Fort Worth; Richmond, Va.; and Boise, Idaho.
Seattle-based Zillow, like Clear Capital, is calling for slower home price gains nationally and in Denver. It forecasts a 5 percent gain in its Denver home price index this year, down from a sizzling 16 percent gain measured last year.
For many, including those who make a living buying and selling homes, the slower pace will come as a relief.
“We can’t continue to sustain these year-over-year, double-digit increases over the long run,” said Anthony Rael, chairman of the market trends committee at the Denver Metro Association of Realtors.
The Denver Post looked at statistics from REColorado, which owns the region’s listing service, and DMAR to determine how 2015 compared to other hot stretches for housing since 1990.
A record 55,509 homes were sold in metro Denver last year, marking the third straight year that home sales topped 50,000. The last time metro Denver had that kind of run was from 2004 through 2006.
Single-family housing starts in metro Denver are running at about 60 percent of the pre-bust pace and are accelerating enough to potentially regain long-term averages by late 2016 or 2017, Denk predicts.
Of the country’s 50 most active master-planned communities, three are in metro Denver — Stapleton at No. 4, The Meadows in Castle Rock at No. 35 and Green Valley Ranch at No. 43, according to John Burns Real Estate Consulting.
Since 1990, single-family permits have accounted for two-thirds of the total in metro Denver. For the past four years, single-family homes have represented about half the total, another big difference from last decade.
The product being built, whether for purchase or rent, is targeting households with higher incomes. That higher-end focus, combined with the overall lack of supply, helped drive the average price of a home sold in metro Denver to a record $363,143 last year.
That’s a 29 percent jump from 2012 and double the increase seen in the 2004-06 stretch. But it still lags the 41 percent run-up in the average price of homes sold in the late 1990s, when the tech and telecom boom fueled housing demand in a constrained market.
Still, last year’s gains put metro Denver at or near the top of multiple rankings for home price appreciation.
Denver, Boulder, Fort Collins and Greeley all made the top 10 out of 271 metro areas for home price appreciation in the third quarter, according to the Federal Housing Finance Authority.
“Even in this heated environment, we still see the buyer being very discerning. They won’t overpay. Sellers that overshoot end up with a home sitting on the market. It will just sit there,” Thompson said.
Properly priced homes hitting the market for under $350,000 are still selling quickly, typically in under a week, he said.
“People are very excited about the market and starting to jump back in,” he said. “I don’t believe that Denver will slow all that much unless interest rates skyrocket.”
Redefy is calling for Denver home prices to rise 7 percent this year and for the area to remain a top housing market nationally for at least two more years, Connett said.
Brought to you by: The Denver Post July 27, 2016
Each month, we provide the latest Denver Metro real estate market statistics based on data from Land Title. These stats are intended to help so you can make an informed decision about the Denver Metro real estate market before you buy or sell a home in the Denver Metro area. Call us today for a FREE market analysis.
These statistics are for Single Family homes across the Denver Metro area. If you would like similar statistics for a specific area, property type or price range, please contact us and tell us how we can help. We can provide real estate market statistics for any specific region around Denver.
DMAR Real Estate Market Trends Report | JUL. '16
Denver's red-hot real estate market exploded with a flurry of new listings and active inventory. In June, for the entire residential market (single family and condos), there was a 24.40% increase in active listings and 12.17%increase in new listings compared to the month prior. Year over year, active listings increased 9.67% and new listings increased 6.79%.
Brought to you by - DMAR
Competitive Housing Market Drives Housing Prices to All-Time Highs
GREENWOOD VILLAGE, CO – June 3, 2016 – The latest data from REcolorado, the provider of REcolorado.com, a free home search site for Colorado home buyers, sellers and renters, reveals that home sales prices have reached another all-time high. Sales remained strong as more homes came on the market.
The sold price of a Denver-area home surpassed the $400,000 mark for the first time ever, reaching an average of $407,662. Home prices in May were up four percent month over month and nine percent as compared to last year. The average sale price of a single family detached home climbed to $448,804, three percent higher than last month, and eight percent higher than a year ago. Condos and townhomes saw price increases as well, reaching $297,930, which is four percent higher than last month and a 14 percent year over year increase.
“After dipping slightly last fall, home prices continue to grow at a moderate pace this spring selling season,” said Kirby Slunaker, president and CEO of REcolorado. “That bodes well for home sellers, as well as home buyers who continue to move quickly in an effort to purchase moderately-priced homes while interest rates remain low.”
Although 7,285 new listings hit the market in May, robust demand kept inventory levels from rising at their usual pace for this time of year. At month’s end, there were 6,565 available homes for sale in the Denver Metro and surrounding area, seven percent more than last month, but five percent less than last year. In May, the supply of inventory in the greater Denver Metro Area remained at approximately six weeks.
Strong demand also kept month-over-month sales strong. In May, 4,939 homes sold, up 10 percent from April, but down 12 percent as compared to last year. Homes continue to sell quickly, spending an average of just 24 days on the market.
REcolorado.com Now Includes Listings from Royal Gorge Association of REALTORS®
We are pleased to announce, we have added even more listings of homes for sale from throughout Colorado to REcolorado.com. Royal Gorge Association of REALTORS® is our newest Your Listing. Your Lead. partner, adding approximately 1,000 listings of homes and land for sale in the Fremont and Custer County areas to REcolorado.com. This boosts total inventory on REcolorado.com to nearly 25,000, solidifying our position as the largest MLS-run home search site in the state.
Last month alone, REcolorado.com had more than 2 million visitors. Want to learn more about how more visitors to REcolorado.com benefits you? Please take a look at our blog post, Steamboat Listings Now Available On REcolorado.com … and, answers to some of your questions about how this benefits you, for more information.
Royal Gorge Association of REALTORS joins REALTORS of Central Colorado, Steamboat Springs, Vail Valley, and Grand County as our fifth partner to make their members’ listings available for consumers to search on REcolorado.com. Listings from Telluride Association of REALTORS® will be added next.
Brought to you by - Recolorado