Housing Metros with Crash Risk As the US moves toward…
Denver Colorado Housing Market
Denver’s residential real estate market outlook is very typical of other US housing markets. 2020 sales was good despite the pandemic recession and prices are rising.
And like many markets, there is a lack of housing supply that could see prices rocket this year. Colorado’s oil industry and tourism industry may see a big turnaround and this could pour fuel on an overheating real estate sector in Denver.
DMAR’s latest report for the month of December, housing supply in Denver is at record lows just before one of the biggest spring time housing markets in 2021.
December’s sales data shows the amazing year over year growth in sales, price, and dollar volume, particularly in the single detached market.
The median price of a house rose $40,500 from 12 months ago, while active listings are now 40% of last years numbers. The trend is easy to see in this chart of month-to-month changes in active listings and house prices which are up about $5,000 since November.
Average Home Prices Denver CO
For home sellers, the price trends could not be more promising. Is a forecast of an average of $580,000 too outlandish for end of 2021?
Luxury Housing Market in Denver
The luxury market, defined as above $1 million was the most active and fortunately enjoyed a 14.6% growth in listings vs 2019. Pending sales at present are up 36.5% year over year, and for detached houses, pending sales have risen almost 41%.
Aurora CO Housing Market Snapshot
Given the pandemic outmigration from Denver, it’s not surprising to see Aurora’s single family listings dry up and prices rise 11.4% year over year. New listings were up but were not on the market long as DOM fell by almost 60%.
Here’s Chris Lopez of Envision Realtors with his video overview of the housing market data.
Looking for stats on Los Angeles housing market, San Diego housing market, Houston housing market or on California’s housing market? Stay up on what’s happening in Miami, Tampa and the rest of the Florida housing market.
From July 2017 to July 2018, 80,000 people moved to Colorado revealing it as one of the most desirable places to work and live in the US. With the new work at home trend, rising oil prices, fantastic lifestyle, and lots of room to grow, buyers are eager to buy a home in Denver and area.
Denver and Colorado’s oil market and tourism markets had been hit hard. However, with the vaccinations underway, stimulus money coming, and the beginning of the full recovery just ahead, we’re seeing the end of the recession.
The city’s low unemployment rate, higher wages, and high job growth were factors drawing new people here. And it had become one of the nation’s hottest trending markets and perhaps one of the best places to buy a home.
What Drives Denver’s Housing Market?
Key drivers of supply in Denver include: developable land shortage, materials costs, local and state building regulations. Although some buyers are relieved at lower prices, the long term solutions for more afforable and available and desired types of housing remain suppressed. This situation may lead to prices beginning to climb along with the robust Colorado economy.
Colorado is second best for jobs and the fifth best state economy. Unemployment was at 3%, bolstered by the energy sector, however, President Trump has stated a preference for lower oil prices. That raises the correction risk for Denver housing if oil should fall to $40 a barrel. The Houston housing market would be similarly effected by a negative price forecast.
Best time for sellers to list their properties is April, May and June to access the highest periods of buyer demand. Quite a few sellers are beginning to exist desperate responses fearing a housing correction amidst US political and trade issues.
Now that interest rates have flattened and with lots of inventory, we could sales pick up in Denver. Millennial renters have more money saved and are still expressing interest in buying a home or condo. Many buyers are holding off on buying with the belief that prices may collapse further. Your realtor will need to deal with these objections.
Denver Rent Prices
Despite flagging sales, the rental market in Greater Denver is still strong. Average rent prices are holding at above $2100 a month.
What Are the Best Neighborhoods in Denver?
Spacewise Storage offered up its top 11 neighborhoods in Denver. They’re as follows:
- Cherry Creek
- Congress Park
- Greenwood Village
- Hampden South
- Indian Creek
- South Park Hill
And Homesnacks chimes in with their list of best neighborhoods:
Here are the best neighborhoods in Denver:
- Cherry Creek $663,500
- Washington Park $537,873
- Golden Triangle $418,600
- Lodo $441,900
- Central East Denver $416,967
- University $546,855
- Stapleton $469,300
- Southeastern Denver $277,859
- Park Hill $366,040
- Highland $382,556
That’s a look at Denver’s housing market data, and forecast. Please do bookmark this page and share it. People like to know more about Denver, and the influx of immigrants is what supports home prices in the region.
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