These are very special times in the metro Denver real estate market. Home prices are up, rents are up, inventories of homes both for sale and rent are low and […]
These are very special times in the metro Denver real estate market. Home prices are up, rents are up, inventories of homes both for sale and rent are low and our future outlook continues to look great. We talk about some aspect of real estate every month in this Newsletter but sometimes I think it can be hard to realize just how terrific our real estate market is without taking a step back and looking at the big picture. A great way to do this is to check out the recent press headlines and review the real estate news about our local market. In a word– amazing!
DENVER BACK AT NO. 1 FOR HOME-RESALE PRICE GAINS Denver Business Journal | 10/27/15
After trailing San Francisco for year-over-year home-resale price gains in July, Denver tied with the California city for the top spot among 20 major U.S. metro areas. For six of the last eight months, metro Denver saw the biggest one-year gains out of 20 major U.S. markets in the price of detached single-family homes, according to monthly data from the closely-followed report series from S&P Dow Jones Indices and CoreLogic. Other than Denver and San Francisco, no other metro area out of the 20 tracked in the Case-Shiller report series scored double-digit percentage year-over-year price gains. Denver’ s Case-Shiller home price index reached an all-time high of 172.82, topping July’ s reading of 171.31. An index reading of 172.82 means that local home resale prices averaged 72.82 percent higher than they were in the benchmark month of January 2000, according to the Case-Shiller report series, based on non-seasonally-adjusted data.”Denver County home sellers make out big in Q3 Denver Post | 11/5/15 “ Home sellers in Denver County made out big in the third quarter, where sellers sold for an average of a 41.5 percent gain over what they originally paid. That’s according to research conducted by California housing data company RealtyTrac, which placed Denver County at No. 6 in the country for highest percentage sales gains. In September, RealtyTrac said Denver home sales were on pace to set a 10-year record, and median selling prices in Denver set an all-time high this summer.
A SMALL COLORADO CITY IS RATED 2ND BEST IN U.S Denver Business Journal | 11/3/15
There’ s a city in metro Denver where housing costs are affordable, home-ownership rates are high, cost-of-living is comfortable, education and health care are sound and quality of life ranks high. And that place is Littleton — the second-best small city in the U.S., according to a new WalletHub study.CONDOS APPRECIATING MORE THAN SINGLE-FAMILY HOMES IN DENVERDenver Business Journal | 10/27/15 “ Condos in Denver have appreciated nearly 20 percent over the past year, which is nearly four times the national average and well above the single-family home appreciation rate in Denver. According to Seattle online real estate company Zillow, single-family homes in Denver have appreciated 15.9 percent over the past year, while condos have appreciated 19.7 percent. The yearly 15.9 percent increase in Denver single-familyhome appreciation was the biggest jump in the country while the 19.7 percent annual increase in condo appreciation was the second-biggest jump in the country, trailing only the Dallas-Fort Worth area, which recorded a 20.1 percent annual increase in condo appreciation.” HOW DOES DENVER RATE AMONG NATION’ S BEST PLACES TO OWN A HOME? Denver Business Journal | 11/9/15 “Where’ s the best place in the country to own a home? Right here in Denver, according to a new report. Porch.com and Redfin created the new list, based on a survey of about 10,000 U.S. homeowners in 67 markets, and using criteria including: healthy living, commute, climate, educational opportunity, economic opportunity, resident satisfaction, walkability, security and safety, real estate confidence, and tax fairness. Denver did the best, ranking No. 1 in the country, in the categories of health living and climate, and coming in No. 2 in resident satisfaction.
METRO DENVER CITY NAMED ONE OF 5 BEST PLACES TO LIVE Denver Business Journal | 11/6/15
It wasn’t but a few days ago that a new study named Littleton the second best small city in the country. And that place is Littleton — the second-best small city in the U.S., according to a new WalletHub study. Centennial is the No. 4 best place to live in America, according to a new 24/7 Wall St. report that uses data from 550 U.S. cities with populations of 65,000 or more to determine the best.” DENVER REAL ESTATE MARKET GROWTH IS FOURTH HIGHEST IN U.S, SAYS NEW REPORT Denver Business Journal | 10/26/15 “The Denver area residential real estate market experienced the fourth-highest increase in a new housing report. The Freddie Mac Multi-Indicator Market Index (MiMI) uses four indicators to track an area’ s residential real estate growth, including home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture.
DENVER IS 4TH-BEST CITY IN US FOR OWNING RENTAL PROPERTY Denver Business Journal | 10/28/15
With its rapidly increasing property values, low vacancy rates and good long-term job prospects, Denver is the fourth-best market in the country to own rental housing real estate. Denver ranked high in categories such as vacancy rates (4.3 percent), property appreciation (11.61 percent), and job growth (2.94 percent). “ Denver is once again one of the best housing markets in the country to own rental properties in, leaving All Property Management puzzled as to why it doesn’t receive more national recognition as a real estate powerhouse,” the company said in the second-quarter report.” Denver is No. 2 in the U.S. for real estate investment Bigger Pockets | 10/15/15 “If you’ re looking to make money investing in residential real estate, look no further than Denver. That’ s because Denver’ s ranked No. 2 in the nation when it comes to providing the best returns on residential real estate investment, according to a new study by online real estate company BiggerPockets. Residential real estate prices increased a staggering 13.4 percent year over year across the Denver metro region,” BiggerPockets said in its report. It’ s been well documented in the Denver Business Journal that Denver’ s residential real estate prices this year have increased greater than any other market in the country.
FORECLOSURES: COLORADO BUCKS NATIONAL TREND, SEES BIG DROP IN FILINGS Denver Business Journal | 10/15/15
If you are looking to buy a home in Colorado, the housing market had another squeeze in the third quarter with a drop in the number of foreclosures. That’s according to RealtyTrac’s latest Foreclosure Market Report for the state. Colorado, which ranks No. 37 among the states for foreclosures, had a 17 percent decrease in the number of foreclosure filings from the second quarter of 2015 and is down 15 percent from the same time last year.
DENVER APARTMENT, SINGLE-FAMILY HOME RENTS KEEP RISING IN SEPTEMBER Denver Business Journal | 10/19/15
It’ s quite clear that rents in Denver have risen greatly in the past year, but by how much? Let’ s just say that Denver’ s in the top 10 in the country no matter who you ask and no matter what you’ re renting. Over at Altisource Portfolio Solutions S.A., its data released on Monday indicate that in the third quarter that ended at the end of September, the rents for single-family homes in the Denver Metropolitan Statistical Area rose 14.6 percent from the same quarter a year earlier. Denver’ s 14.6 percent rise for single-family house rents was the eighth-biggest jump in the country.
SINGLE-FAMILY HOME RENTS HIT NEW HIGH IN METRO DENVER Denver Post | 10/7/15
Apartment rents in metro Denver might be on a tear, but single-family homes rents are rising even faster, according to a report from Real Property Management Colorado and RentRange. The average monthly rent on a single-family home with three bedrooms in metro Denver reached $1,998, a 13.9 percent increase from the third quarter of 2014 and up 6.7 percent from the second quarter.
DENVER IS SIXTH-HOTTEST US COMMERCIAL REAL ESTATE MARKET Denver Business Journal | 10/8/15
Denver is the nation’ s sixth-hottest commercial real estate market, according to a new report. Colorado was cited in the latest report for making important infrastructure improvements: “Public financing is a tough sell. Yet it can be done, as Colorado has demonstrated in passing bond referendums repeatedly.” The report continued: ‘ Denver has taken advantage of a location and a culture that are attractive to a qualified workforce and exposure to growing technology industries. … The overall outlook of good to excellent is led by a strong perception of investor demand, the strength of the local economy, and capital availability.’
If you’re interested in learning more about the real estate market and how you might take better advantage of it, whether you’re looking to buy, sell, or invest, feel free to give me a call. I’d love to sit down with you, answer all your questions, and show you what’s happening in our incredible real estate market.