We are really feeling the housing crunch as the Spring market heats up!
Even with new inventory hitting the market every day, homes that are priced right and show well continue to sell very quickly. We are seeing a lot of buyers resort to buying new construction, and waiting for homes to be built, in order to be able to own a home anywhere in the Denver metro area, including the suburbs.
There are articles all over the media about how hot Denver's market is, too.
From the Denver Post:
Colorado's population rose by almost 102,000 people last year, but the state added only 25,143 new homes, condos and apartments to accommodate those newcomers, according to updated estimates from the U.S. Census Bureau.
The division of those two numbers explains the multiplication of headaches for anyone trying to buy or rent a home along the northern Front Range: The average household size in Colorado is 2.5 people. That means the state should have added 40,500 housing units. Instead, it is running 15,000 homes short of where it should be, adding to a deficit that has been mounting since 2012.
CHART:Denver tops U.S. city population gain rate in 2015
According to the data released Thursday, the city of Denver joined the list of the 20th most populous cities in the U.S., moving up two points to 19th. Colorado Springs moved up to become the 40th most populous city. Greeley hit the population 100,000 mark for the first time during that period.
Denver had the fastest growth rate among big cities in the U.S., with a 2.8 percent population gain during the 12-month period that ended July 15. Broomfield's 5.2 percent population gain to 65,065 residents put it at the 9th fastest growing city overall, according to Census data
Colorado has proven especially popular with young adults. And state demographer Elizabeth Garner said household sizes are getting smaller, especially in hot spots such as Denver.
So why are so many people moving here?
If you've seen any "Top Places to Live" lists lately, it's pretty likely that Denver is on each of them, and probably at or close to the top!
One example:
Denver has topped yetanotherBest Places to Livelist this time on theConde Nast Travelerweb site which features 10 of the country's best places to live based on overall value, quality of life, recreation options and current job market.
Conde Nastcites Denver's tech industry as a œvitalizing force that's a common denominator among several cities on the list, including San Jose, San Francisco, Seattle and Austin.
œIn Denver, however, the higher-than average median income and historically progressive populace has birthed a city that goes far beyond the usual spread of tech office campuses, writesConde Nast. œThe Mile High City and some recent legislation gives that nickname a whole new meaning is built around, and with a great deal of respect, for the mountain range that surrounds it.
Conde Nastnotes that Denverites love to climb, run, bike, ski and interact with the environment in any way they can, a tendency that keeps them healthy. The site also touts Denver on its stellar libations that emphasize local and sustainable ingredients.
œEven with a recent boom downtown which is still dominated by local businesses, not chains housing costs haven't increased too dramatically, the magazine writes. œAll of this means that the long-time locals and recent transplants who have made the city their home claiming its natural beauty as their own have no real reason to leave.
So what is being built?
Downtown Denver's development boom is showing little sign of slowing, with $2.47 billion in projects currently under construction or in the planning process.
Eighteen commercial, residential and civic projects were underway as of this month, and another 14 were being planned, according to the Downtown Denver Partnership's annualState of Downtown Denver reportreleased Tuesday.
Combined, the projects comprise some 1,230 new hotel rooms, 4,592 residential units and 2.77 million square feet of office space being added to Denver's downtown core.
In 2015, 15 projects worth $634.7 million were completed, representing an infusion of 511 new hotel rooms, 1,901 residential units and 333,000 square feet of office.
œThe numbers speak for themselves, Downtown Denver Partnership CEO Tami Door said Tuesday. œWe are a growing city. We are aspiring to be something even greater than we are.
Among the projects currently under construction downtown are:
1144 Fifteenth, a 40-story skyscraper at 15th and Lawrence streets that will add more than 600,000 square feet of new Class A office space when completed in 2018.
1401 Lawrence, a 22-story, 311,000-square-foot office tower at 14th and Lawrence that recently topped out and should be completed later this year.
A495-room, dual-branded AC Hotel/Le MÃridien hotelat 15th and California streets set to open in 2017.
Pivot Denver, a 580-unit luxury apartment complex at 17th and Wewatta streets to be anchored by a 56,000-square-foot Whole Foods Market opening in 2017.
Ashley Union Station, a 107-unit apartment complex at 18th and Chestnut Place that will include 75 income-restricted units when it opens in 2017.
SkyHouse Denver, a 26-story, 354-unit luxury apartment tower on the site of the former Cosmopolitan Hotel at Broadway and East 18th Avenue.
So what does all of this mean for you as a Denver area homeowner?
If you've been thinking about making a move, but waiting for the market to cool...you might be waiting a while.
Local experts can't say it enough - prices aren't likely to drop or even slow down anytime soon, because supply is still so incredibly far behind demand. So, if you decide to go for it, it's really important to have an awesome, experienced, and dedicated Real Estate agent on your side - from helping you to prepare, position, and price your home, to helping you find the perfect replacement home and negotiating both deals to make everything as smooth as possible.
Craving even more statistics? Here you go.
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