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Denver Metro Area Housing Statistics

The average price of a home in August decreased by 2.75 percent from the previous month to $434,478, yet that price is still over eight percent higher when compared to last year.

"Housing numbers can be presented in ways to paint many different pictures,” said Steve Danyliw, Chairman of the DMAR Market Trends Committee and Denver REALTOR®. “Overall, I feel positive about this market even though we are transitioning towards something that looks more normal.”

According to Danyliw, “looking at the glass as half full,” year to date compared to 2016, the median price of a home increased eight percent and the average home price increased 8.35 percent. Additionally, a record high year-to-date 38,553 properties have sold,…

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If money could talk and it had opinions about Denver real estate, here’s what it would tell you about the hottest neighborhoods in the city right now.

In this Chart of the Week, Denverite examined how median home prices in each neighborhood have changed from 2016 to 2017 so far. 

First, Denver’s southern neighborhoods have seen the biggest increase in home sale prices so far this year. In 2017 so far, Platt Park, University Park, and Hampden all had median sold home price increases of over 20 percent when compared to last year.

But also, neighborhoods, where homes sold for less money in 2016, had notable price increases in 2017 so far. If that sounds familiar, that’s because the same thing happened with new Denver home values released…

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The Denver Metro Area Housing Market is Showing Some Signs of Cooling

Last month, several numbers dipped into the negatives. While it is expected to see numbers decrease, even in a “hot market,” what is considered normal seasonal change and what is not?

“Like the weather, July’s housing market remained hot, but some signs of cooling are in the forecast,” said Steve Danyliw, Chairman of the DMAR Market Trends Committee and metro Denver REALTOR®. “This housing market is filled with shades of gray, some good and some creating areas of mild concern.” 

Inventory experienced a slight increase of 4.15 percent from last month. Even with this increase, 2017 represents a new record-low July with 7,352 listings. The number of sales dropped 19.66…

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Millennials aren't the only ones relocating to Denver

Financial Workers are Finding New Homes for their Families and Companies in Colorado

Wedged into a rent-controlled two-bedroom apartment near San Francisco’s famed Haight-Ashbury neighborhood and already overrun by their son’s toys, Kari Droller and her husband weighed having a second child against the skyrocketing costs of a larger home nearby.

Instead, Ms. Droller, managing director of Charles Schwab Inc.’s platform, put in for a transfer to Denver, joining a tide of financial professionals who are forsaking high-cost coastal meccas for America’s inland cities.

Traditional finance hubs have yet to recover all the jobs lost during the recession, but the industry is booming in places…

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Where are millennials living?

More of them are Buying homes instead of paying rent.

So many people are moving to Denver nowadays; especially Millennials. It used to be that Millennials could only afford to rent, but times have changed and buying is now the preferable option. Young adults in Denver own homes at a higher rate than their peers in the rest of the country — 34.2% versus 32.1%, according to a study from Abodo. 

Among the 45 largest metro areas, Denver ranked 15th for the most Millennial homeowners.

After trending downward over the past decade, the homeownership rate among young adults in Denver appears to have hit a bottom in 2014 at 32.8%. In 2006, before the housing bust, 43.8% of adults ages 18-35 lived in homes or condos…

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In June, 24 condos priced $1 million and greater sold and closed, up 118 percent year over year. On average, the price of these condos was over $1.6 million, $550 per square foot, and sellers received 136 percent of their listing price, according to the Denver Metro Association of Realtors.

“The metro Denver Luxury Market was a sparkler in June as it continued on a firework-like trajectory,” said Jill Schafer, DMAR Market Trends Committee member and metro Denver REALTOR®. “We saw the biggest boom in the luxury condo market where there was a 50 percent increase in sales for properties priced over $1 million from May to June. That’s a nearly 70 percent increase year to date compared to the same time in 2016.”

The average price per square…

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If you live in Denver, you know that the city is becoming more and more popular for people to move to. In a recent nationwide survey compiled by the real estate website homes.com, Denver is the most popular place to move in the United States, according to 1,000 respondents.

The respondents chose between six major U.S. cities — Denver, Los Angeles, New York City, Chicago, Washington, D.C., and Miami — 40 percent of respondents (a full 18 percentage points over the runner-up, Miami) said that they'd most want to move to Denver.

The question was included in a general survey about moving trends, and it underscores other rankings we've reported on; in 2016, U.S. News and World Report listed Denver as its No. 1 place to live in the United States…

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Photo cred: Denver Post

Higher mortgage rates this year haven't capped home price appreciation, which is adding to the pressure on buyers.

If first-time buyers were counting on home price gains to slow or flatten out as the trade-off for rising mortgage rates, they need to recalculate, some of the nation’s leading housing economists said in Denver on Friday according to The Denver Post.

“We are looking for a further crunch in affordability,” Lawrence Yun, chief economist with the National Association of Realtors, said at the National Association of Real Estate Editors’ annual conference in Denver.

Yun said builders aren’t producing enough homes to keep pace with demand in many markets, pushing up prices on existing…

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Last week, a normal Denver overbid house was listed at $347,000, but sold for $361,000. Last week, 47 percent of the people who bought a home paid more than its asking price. The differences ranged from $1 extra to a full $60,000 more. This could eventually be your home too!

Read the full article by Megan Arellano on Denverite.com

Here are the top five over-list sales of the last week:

#5

18951 East 44th Place, sold for $32,100 above list price

The exterior of 18951 East 44th Place. (Courtesy of Redfin)

  • 4 bedrooms, 1 full bathroom, 1,711 square feet
  • Sold for $302,000, 11.9 percent above asking price

 #4

1847 West 41st Avenue, sold for $38,000 above list price

The exterior of 1847 West 41st Avenue. (Courtesy of…

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West + Main Homes' Founder + Owner, Stacie Staub, was quoted this week in the New York Times, who asked for her thoughts on Denver's ongoing Seller's Market and current housing market conditions.

In Denver, where the inventory of homes has been low for the past couple of years, there is no such thing as lowballing, said Stacie Staub, founder of West and Main Homes in Lakewood, Colo., near Denver. Often, she said, homes go on the market on a Friday and are under contract by Sunday.

The market is so tight that Ms. Staub often recommends that people looking to trade up to a new home should first sell their own house, and then go shopping with cash. Sellers generally frown on contingency offers, which are subject to the sale of an existing home.…

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