Denver home listings reaches 4,921 in March, up nearly 27% from February and up 9.7% year-over-year, according to the latest report from Denver Metro Association of Realtors. In addition to the increase in active listings, the average price for single-family homes and condos also jumped 8.8% to $425,607 from previous month, while the median sold price increased by 7.9% to $372,500. A total of 4,347 homes traded hands in March, up 36% from February, but up less than a percent from March 2015. Detached homes increased in price by 8.4% year-over-year on average to $468,889, with 3,772 active listings. The average price for condos increased by 10.7% to $317,402, with 1,149 active Denver home listings. March saw a significant increase in sales volume, up 44.42% compared to the month prior and 9.73% year-over-year, to reach over $1.85 billion. Furthermore, Denver’s Case-Shiller home price index in January set a new record at 190.75. This basically means the home resale prices averaged 90.75% higher than they were in the benchmark month of January 2000.
Metro Denver-Aurora-Lakewood ranks 19th among U.S. cities for the number of residences it added between 2010 and 2016 which totaled 309,477 people. That’s a pace of about 949 new residences a week.
Apartment rents in Highlands Ranch keep soaring in March, up 2.2% from previous month and up 17% year-over-year, according to the latest report from San Francisco-based Apartment List. The median rent for a one-bedroom apartment in Highlands Ranch is $1,480 and the median rent for a two-bedroom is $1,850.
According to Attom Data Solutions, you will need more than half your pay to buy a home in these Colorado counties:
- Boulder – 59.9%
- Larimer – 54.4%
- Douglas – 53.4%
- Jefferson – 52.4%
Thirty-one projects totaling nearly $2.8 billion in investment are either planned or under construction in downtown Denver, according to the Downtown Denver Partnership’s annual report. These projects include 1,181 hotel rooms, 5,431 residential units and 2.5 million square feet of office space. The number of people living downtown is approaching 80,000, triple what it was in 2000.