Housing Market Cocktail Chatter? Make It Count.livxmin
Steve Blank, managing broker of Fuller Sotheby’s International Realty’s downtown Denver office knows how to work a crowd – especially when the subject of the local housing market arises. Don’t be in the dark while all your friends are chatting about real estate. Get the facts here. Blank offers a quick synopsis of what is happening on the market today, both nationally and across metro Denver.
DID YOU KNOW?
- FIRST TIME homebuyers account for almost 30% of all recorded home sales.
- Homes.com has reported year-over-year gains in ALL of the top 300 cities. As of January, 87 of those cities have reached or exceeded pre-recession prices.
- Distressed sales (foreclosures, short sales, corp.) accounted for 39% of all residential real estate sales in 2010, 24% of all residential real estate sales in 2012 and only 14% in 2013.
- Nationally, there was a 4.6-month supply of available homes to start the year. The supply in Denver is just under two months.
- Chief economist for the Bank of the West stated, “The Denver economy is firing on all cylinders”. He also mentioned that, “metro Denver population growth rate recently has been double the national average.”
- In the central areas including and surrounding downtown Denver, between 6th and 38th and between York Street and Federal Blvd, property values increased 19% from January 2013 to January 2014. Also the average price per square foot was up 27%, while inventory levels were 5% less than one year ago.
“Locally it seems Denver is currently building thousands of apartments and relatively few condos,” says Blank. “In five or more years, you can expect a high percentage of these to become condos available for sale. Since September, four projects representing 927 new units have started construction. That makes the combined number of total units in some phase of construction, approximately 4,400 in the central Denver neighborhoods.” If you are interested in buying or selling a home and would like to discuss real estate opportunities, contact Steve Blank at 303.520.5558.
Fuller Sotheby’s International Realty has multiple office locations in the Denver metro area, including Downtown, Cherry Creek, Greenwood Village, Boulder, Evergreen, Castle Pines, Breckenridge and the Vail Valley. More information available at www.fullersothebysrealty.com.