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.
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.
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.
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.
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.
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.
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.
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.