Denver Real Estate Market Report for August 2017
At the beginning of each month we do a Denver Real Estate Market Report. Enjoy our report for August 2017 and please let us know if you have any questions. We email this market infographic report out each month, to get on that email list please reach out to marketing@usajrealty.com and request to be added.
Key Takeaways for August 2017 via DMAR:
- Inventory was just slightly higher from last month as well as last year
- July 2017 Active Listings was: 7352
- August 2017 Active Listings was 7360
- August 2016 Active Listings was 7327 (the record low)
- Median Sales Price a condo in Metro Denver in August 2017: $275,000
- up from July’s $270,100
- Median Sales Price a single-family residence in Metro Denver in August 2017: $410,000
- down from July’s $420,000
An Overview of the Market:
- SmartAsset‘s recent study found that in 2015, Denver was the 9th most popular U.S. city for millennials to move to
- CPR just reported that “Colorado continues to hold one of the lowest unemployment rates in the nation, tied with North Dakota. New numbers show the June rate held steady at 2.3 percent.”
- The shortage of housing continues: From 2010-2015, Denver added 2.9 jobs for every 1 new housing unit permitted (ApartmentList).
- Furthermore, rents are still on the rise. From 2005 – 2015, rent went up 52% in Denver, only beat out by Seattle and San Jose (ApartmentList).
- The average rent in metro Denver rose to $1,420, according to the Apartment Association of Metro Denver
Read Denver Metro Association of Realtor’s full report on last month’s Real Estate trends and statistics in Denver here.
And as always, please let us know if you have any questions!