Denver’s Real Estate Year in Review – 2015
This year has been a historic year for Denver’s real estate, topping lists such as the nation’s biggest home-price gains, the best place to own a home in the U.S. right now, and ranking at sixth place for hottest U.S. commercial real estate market.
Despite what others continue to say about the increasing rents in Denver, evidence shows that rents may finally be cooling off in the mile-high city, with a slower growth rate this past October compared to October 2014. Denver and Colorado residential real estate has also seemed to cool slightly, with the supply of houses catching up slightly to the demand. However, home prices do continue to jump, second only to San Francisco back in July.
According to LIV Sotheby’s International Realty’s blog, Colorado Real Estate Diary, more homes have been available this autumn compared to the spring season: “During the steaming hot spring market, Denver Metro averaged a record low of 4,500 – 5,000 available homes for sale. Since Labor Day, the number has ranged from 6,700 to nearly 8,000 homes on the market.”
The bustling Denver real estate and rental market may be relieved with the construction of new for-sale condos in the Union Station neighborhood. Bucking the trend of rental-only residential construction in Denver, The Coloradan building—set for completion in 2018—will feature 324 new condos, which will be welcome new inventory in the exploding downtown market. Even though this condos will be ready by 2018, downtown Denver’s population is already booming, closing in on 73,000 residents, which is a fifteen-percent increase from 2010. There are now more apartment complexes downtown to cater to the growing population, in addition to the brand new King Soopers that opened at 20th Street and Chestnut a few months ago. This part of Denver is no longer a food desert.
On a related note, LIV Sotheby’s rebranding from Fuller Sotheby’s has been very successful over the course of 2015, with a brand new office in Cherry Creek—an inviting, modern space with a sleek and elegant design featuring expansive glass and lots of light. I am so proud to be part of this signature office that highly reflects our progressive brand and our culture of service, excellence and openness.
Cheers to a wonderful 2015; be on the lookout for a post about 2016 real estate predictions soon.