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Tag Archives: Denver Real Estate

Metro Denver home prices continue strong gains

Average home prices in metro Denver made another big jump in July, increasing by 12.9 percent over the same period last year to $412,312, including both attached condos and townhomes and detached single-family homes, according to the latest data from the Denver Metro Association of Realtors.

The average sold price for a detached single-family home increased 12 percent year-over-year in July to $460,623 while the average price of condos and townhomes rose 12 percent to $285,531.

That number is the lowest for the month of July on record, but is a nearly 10 percent increase month-over-month from June, when 6,796 active listings were on the market.

The monthly increase offers a glimmer of hope in a market that hasn’t seen much relief from historic inventory lows and price highs for well over a year, said Anthony Rael, chairman of DMAR’s Market Trends Committee and a Denver real estate agent.

At the beginning of 2016, some in the residential real estate industry predicted, citing the unsustainable nature of double-digit price increases, that the rate of appreciation of Denver home prices would slow over the course of 2016.

But, according to July’s numbers, and figures for the rest of 2016 so far, that hasn’t happened.

“We would have loved to see appreciation slow,” Rael said, again noting that the rate of increase in metro Denver is unsustainable. “If we’re having this conversation about double-digit increases for a third year in a row, we’re going to reach a critical level.”

Denver’s home prices began appreciating years ago as the market emerged from the recession and the market has been dealing with an inventory shortage for more than two years. Prices started accelerating at double-digit rates in the last part of 2015.

The market saw a slight cooling in prices from June to July of about 1.9 percent, but that is mainly attributed to the seasonal nature of real estate, Rael said.

The most surprising statistic in July, according to Rael, is the number of homes sold in the metro area, which dropped by 17.6 percent year-over-year to 5,016.

Some of that decrease can be attributed to slowing in the number of homes sold as a result of higher prices and lower inventory, but Rael said that another factor might be at play.

“It could be tied to appraisals,” he said. “There’s a backlog of appraisals right now.”

August data, reported in September, will reveal whether the number of sold homes bounces back, but Rael suspects that vacations and staffing shortages in the appraisal business have contributed to a backup of under-contract deals leading to fewer homes sold in July.

Another housing price indicator, the CoreLogic Home Price Index, which measures appreciation, showed that prices in the Denver metro area increased by 10.2 percent over the year in June, compared with a national appreciation rate of 5.7 percent.

Irvine, California-based CoreLogic (NYSE: CLGX) compiles its index monthly using public records and real estate databases. The index is always a month behind the data received locally.

The Denver City Council is considering the establishment of the city’s first permanent fund for affordable housing, but council hearings on the matter have been pushed back to September.

Click here for details of the plan, which will be funded using a combination of increased taxes and new development fees.

Source: http://www.bizjournals.com/denver/blog/real_deals/2016/08/metro-denver-home-prices-continue-double-digit.html?ana=fbkms

Ten Most Affordable Places to Buy a House in Colorado

We all know that housing costs in Denver have been high in recent years.

And the same situation can be found in plenty of other Colorado communities.

But there are still relative bargains available in these parts, particularly for folks who are willing to venture away from the largest cities.

The data comes from SmartAsset.com, whose list of the ten most affordable Colorado housing markets includes a few places in the vicinity of Denver and other major population centers, as well as several others in less crowded parts of the state.

Check out the photo-illustrated countdown below, featuring SmartAsset data. For more information, click here.

Number 10: Evans, Colorado

State Rank: 10
National Rank: 1061
Average Closing Costs: $3,302
Annual Property Tax: $930
Annual Homeowner’s Insurance: $650
Average Annual Mortgage Payment: $6,466
Median Income: $47,798

Number 9: Parker, Colorado

State Rank: 9
National Rank: 1054
Average Closing Costs: $3,717
Annual Property Tax: $2,385
Annual Homeowner’s Insurance: $1,313
Average Annual Mortgage Payment: $13,402
Median Income: $98,170

Number 8: Firestone, Colorado

State Rank: 8
National Rank: 957
Average Closing Costs: $3,604
Annual Property Tax: $1,795
Annual Homeowner’s Insurance: $1,102
Average Annual Mortgage Payment: $10,954
Median Income: $81,559

Number 7: Fort Morgan, Colorado

State Rank: 7
National Rank: 842
Average Closing Costs: $3,236
Annual Property Tax: $835
Annual Homeowner’s Insurance: $539
Average Annual Mortgage Payment: $5,433
Median Income: $42,633

Number 6: Johnstown, Colorado

State Rank: 6
National Rank: 840
Average Closing Costs: $3,575
Annual Property Tax: $1,518
Annual Homeowner’s Insurance: $1,046
Average Annual Mortgage Payment: $10,402
Median Income: $78,298

Number 5: Wellington, Colorado

State Rank: 5
National Rank: 745
Average Closing Costs: $3,513
Annual Property Tax: $1,539
Annual Homeowner’s Insurance: $929
Average Annual Mortgage Payment: $9,485
Median Income: $73,658

Number 4: Sterling, Colorado

State Rank: 4
National Rank: 690
Average Closing Costs: $2,873
Annual Property Tax: $661
Annual Homeowner’s Insurance: $439
Average Annual Mortgage Payment: $4,470
Median Income: $36,204

 

Number 3: Frederick, Colorado
State Rank: 3
National Rank: 579
Average Closing Costs: $3,563
Annual Property Tax: $1,512
Annual Homeowner’s Insurance: $1,024
Average Annual Mortgage Payment: $10,180
Median Income: $80,727

Number 2: Milliken, Colorado

State Rank: 2
National Rank: 433
Average Closing Costs: $3,382
Annual Property Tax: $1,243
Annual Homeowner’s Insurance: $801
Average Annual Mortgage Payment: $7,963
Median Income: $66,649

Number 1: Lamar, Colorado

State Rank: 1
National Rank: 405
Average Closing Costs: $2,632
Annual Property Tax: $495
Annual Homeowner’s Insurance: $363
Average Annual Mortgage Payment: $3,662
Median Income: $31,741

http://www.westword.com/news/ten-most-affordable-places-to-buy-a-house-in-colorado-7968426/2

Median price of one-bedroom apartment in Denver hit $1,390 in May

The cost of renting an apartment in Denver is rising again at a pace faster than the national average, with May offering little in terms of relief for local renters, according to a new report from San Francisco-based Apartment List.

The median one-bedroom apartment rent in Denver was $1,390 last month. A two-bedroom unit ran $1,770.

That’s an increase of 3.9 percent since last year and 1.5 percent between April and May. It follows a month in which rent prices actually ticked down in Denver by 0.6 percent, according to Apartment List.

Nationally, rents were up 2.7 percent year over year in May.

Apartment List data scientist Andrew Woo said it’s typical for rent increases to slow during the winter months before picking up again in the summer.

“I think the next few months will be telling for Denver,” Woo said. “Looking at the data, I’d expect rents to continue to rise but at a slower rate than previous years.”

This time last year, year-over-year rent increases had run in the double digits for consecutive quarters. But by the end of the summer, the frenetic pace had begun to slow as new inventory poured into the market and vacancy surged.

Median rents even dipped slightly between the third and fourth quarters of 2015, according to the Apartment Association of Metro Denver. But by first quarter 2016, rents were on the upswing again.

In May, the largest year-over-year rent increases were in the suburbs, according to Apartment List.

Arvada, with a median two-bedroom apartment going for $1,400 in May, has seen rents jump 11.3 percent since last year.

In Littleton, rents ticked down slightly month over month in May, but are still up 9.6 percent year over year to $1,580 for a two-bedroom.

Renting a median two-bedroom apartment in Thornton now costs $1,420, up 7.4 percent year over year.

A similar unit in Westminster, now $1,550 a month, increased in price 2.2 percent from April to May, and 6.8 percent since May 2015.

http://www.denverpost.com/2016/06/01/median-price-of-a-1br-apartment-in-denver-hit-1390-in-may/
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