Seven numbers that explain Denver real estate in early August

Atlanta built twice as much housing as Denver and rents rose half as much, and other numbers that tell our real estate story.

Construction on the Coloradan behind Union Station, July 26, 2017. (Kevin J. Beaty/Denverite)

union station; residential real estate; development; construction; denver; colorado; denverite; kevinjbeaty;
Construction on the Coloradan behind Union Station, July 26, 2017. (Kevin J. Beaty/Denverite) union station; residential real estate; development; construction; denver; colorado; denverite; kevinjbeaty;
Construction on the Coloradan behind Union Station, July 26, 2017. (Kevin J. Beaty/Denverite)

From apartments at a former mortuary to new housing in Commerce City, there’s no shortage of Denver housing news.

If you need a cheat sheet to keep track of it all, here’s a curated set of figures that help explain Denver real estate right now. 

20 percent

Home sales in the Denver metro dropped almost 20 percent in July, compared to June, which is “significantly higher” than the normal seasonal decrease, according to the latest report from the Denver Metro Association of Realtors. It’s one sign that Denver’s hot housing market may be cooling, although it’s still too early to say for sure.

3rd place

On the other hand, Denver made it back into the top three markets for year-over-year housing price increase in the latest Case-Shiller index. For three months, Denver was off the proverbial podium, displaced by Dallas. The gap between Denver and Dallas remains small, so next month could be a different story.

2.9 jobs

For every new housing unit built in the Denver metro from 2005 to 2015, 2.9 jobs were added, according to a study from Apartment List. It’s probably not a coincidence that rents rose 52 percent during that time either — Atlanta added a similar number of jobs in that time, permitted twice as much housing, and saw rents rise 25 percent.

717 complaints

It’s not your imagination. There’s been more grouse-worthy construction in the past two years. But most of the complaints aren’t directed to big developments. Learn how the city is dealing with that.

10th place

Denver was among the markets where the luxury home market had the biggest gains in the second quarter of 2017, according to Redfin. Homes in the top 5 percent of the market sold for 14.9 percent more than this time last year. Compare that to the rest of the market, where average home prices only gained 9.8 percent.

$8,451

Buy a home, and be prepared to spend $8,451 in hidden homeowner costs, says Zillow. That’s a bit lower that the national average of $9,080, which they found by calculating property taxes, insurance and utility estimates. Zillow says that Denver’s figure is inflated by high homeowner’s insurance costs, estimated to be $1,841.

60 percent

Can’t get enough cranes? Rider Levett Bucknall published a bit more insight into Denver’s crane count, namely that 60 percent of them are for residential developments. Overall, our crane counts have doubled within the past six months, according to the firm.