Denver real estate growth shows no signs of slowing - time to sell!
The Denver Post continues to provide the news that most Denver metro residents don't want to hear. The growth rate has not slowed while wages aren't increasing proportionately and new construction continues to lag - meaning the perfect storm for a competitive housing market continues. Some of the highlights are:
1. The US Census Bureau determined that Denver tops the 50 most-populous US cities for population gain rate (see below)
2. As a state, Colorado's population rose by almost 102,000 people last year but the state only added 25,143 new homes including condos and apartments
3. Further, as the average household holds 2.5 people, the state should have added 40,500 units - falling short by about 15,000 housing units!
4. Additional indications are: apartment rental rate increases, record low number of homes for sale triggering bidding wars (and recent phenomena of large rates of fallout), nation-leading home price gains, gentrification in previously affordable neighborhoods and widespread scraping
5. To add further complications to the mix, Denver is especially popular among younger adults who contribute to a smaller household size
While this is not exciting news for home buyers and those hopefully the market would shift, the news is excellent for sellers where they can demand terms unlike seen in most market conditions. To read the full article, click HERE