Housing market in Denver area is projected to increase to 9.9% in 2018
Housing market in Denver area is projected to increase to 9.9% in 2018 according to a new report from Veros Real Estate Solutions of California. In fact, housing market in Denver area will appreciate more than any other market in the U.S. outside of Washington State in the next year. Nationally, housing market is projected to appreciate 4.3% this year.
The average and median single-family home prices in metro Denver both set a new record high in March, reaching $522,277 and $440,875 respectively. In March, 6,335 new listings were added to the housing market in the Denver area, which was an increase of 36.44% from previous month. However, the increase was slightly offset by 5,674 listings being placed under contract. Active listings for March was 4,619 for both single-family and condos. The number of sold listings increased by 26.74% compared to the previous month, but dropped 12.03% compared year-over-year. Year to date, 10,577 homes have sold, down slightly 6.03% from 2017. However, the condo market continues to see steady growth in days on the market, increasing to 71 days compared to 36 days last March. The most active price segment for the single-family market continues to be $300,000 to $400,000, and $200,000 to $300,000 for condos.
In March, a total of 163 homes sold and closed for $1 million or greater, up 43.98% month over month and up 20.74% year over year. The closed dollar volume in March for all luxury residential was $249,199,453, up 51% month over month and up 29% year over year.
Denver apartment rent hikes are slowing according to the latest report from Yardi Matrix. Denver rents increased 2.7% year-over-year and are expected to grow 3% this year. More than 13,000 units were delivered in metro Denver, according to the Apartment Association of Metro Denver while apartment vacancy increased in the second, third, and fourth quarters of 2017, reaching 6.4% at the end of the year. However, the vacancy rate in the metro area for single-family homes was 2.84%. On average, rents for single-family homes increases 9% year-over-year.
Denver county population now exceeds 700,000, up from 600K in 2010 according to U.S. Census Bureau. In Colorado, Greeley is the state’s fasted growing metro area, and the third fasted growing metro area in the country, adding 10,390 people in the past year, or a 3.5 annual increase, for a total of 304,633 people.
Two new townhomes developments coming to Denver’s Sloan’s Lake. A 14-unit three-level townhomes, each with three bedrooms and three bathrooms, and is priced between $681,000 to $767,000. The project is located at 1920 and 1930 Grove and is currently under construction, and anticipated completion in late spring 2018.
A 24-unit townhomes three-level townhomes, each with three bedrooms and three bathroom is priced between $529,000 to $544,900. The project is located at West 17th Avenue and Harlan Street in Lakewood. Amenities will included roof-top decks and two-car garage.