The Biggest Signs Colorado Housing Market Is Coming Back to Earth

Here’s what Westword has to say about the latest changes in the Colorado housing market:

“The Colorado housing market has been running at hyperspeed over the past several years, despite some of the country’s worst affordability in Denver and beyond. But things may finally be on the cusp of change.

According to a new report from the Colorado Association of Realtors, sales of single-family homes, townhouses and condominiums fell dramatically in September. The number of single-family homes purchased dipped by a striking 14.6 percent, while townhouse-condo transactions tumbled by 15.2 percent.”

Read the rest on Westword here.

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This Map Shows Where Millennials Are Moving for Job Opportunities and Rising Wages

According to CNBC:

“Millennials are flocking to cities where jobs are plentiful and wages are high.

After analyzing data related to where young people moved between 2011 and 2016, as well as how their wages, participation in the workforce and unemployment rates changed over that five-year span in different metro areas, Magnify Money put together a list of the top “millennial boomtowns” in the U.S.

San Francisco, California, ranks as the No. 1 millennial boomtown overall with a final score, based on the four metrics, of 89 out of 100. Between 2011 and 2016, the millennial population increased 16.2 percent and the size of the millennial workforce rose 31.1 percent. Meanwhile, the unemployment rate for the generation dropped 40.3 percent, and its median wage jumped 32.4 percent to $40,304.”

Read on at CNBC here for the whole story.

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Denver7: Denver Opportunity Index Focuses on Those Left Behind by City’s Growth

This just in from The Denver Channel:

“As the Mile High City grows, there’s a focus on identifying areas that have been left behind when it comes to Denver’s newfound prosperity. Denver created something called the Opportunity Index, a way to use data in order to identify areas of the city where quality of life issues and public safety can be improved.

Denver’s Public Safety Director, Troy Riggs, walked around Capitol Hill as he explained how his department used police data and information from census tracts to come up with the index. Through that data, his department was able to look at 142 census tracts to rank areas from greatest to least opportunity. “

Watch the full report on The Denver Channel here.

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Metro Denver Apartment Rent and Vacancy Rate Dips in Q3

The Denver Business Journal came out with an article on the Apartment Association of Metro Denver’s third quarter report:

“Average apartment rent in Denver decreased in the third quarter, despite a historical trend of rents rising during the period.

For 28 out of the last 37 years, average rent increased during Q3. But 2018 is the third year in a row of Q3 declines, according to data from the Apartment Association of Metro Denver’s third quarter report.

The average rent fell 1.3 percent to $1,465, down from $1,484 during the second quarter. This decrease in the third quarter is unusual, but for it to happen three years in a row is “exceptional,” said Teo Nicolais, a Harvard Extension School instructor who specializes in real estate. He said that labor shortages, higher construction costs and tighter lending standards are “putting the brakes” on new apartment supply.

Downtown Denver had the highest average rent, according to the report, at $1,958. Boulder’s university submarket was second at $1,791, and Boulder’s non-university submarket followed closely, at $1,783.”

Read the rest on their website here.

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Prices May Be Rising, But Other Numbers Indicate a Cooling Denver Housing Market

Denverite’s Donna Bryson analyzes RE/MAX’s latest housing report. Here’s some of her take:

“Prices — and, yes, they’re still rising — get a lot of attention.

But Denver real estate agents are looking at other numbers that tell them our hot housing market may be cooling.

RE/MAX, in its most recent monthly housing report, found home sale closings in September were down about 27 percent from the previous month and down more than 19 percent from September 2017. Sales also were down nationally, but by a not-as-steep 11.6 percent over a year ago.”

Read on here.

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Hickenlooper Says Teamwork Needed to Meet Housing Demands

As more people move into Denver and the economy improves, demand for housing is naturally going to rise. Governor Hickenlooper thinks teamwork is the answer.

“Businesses, nonprofits and government will have to work together to meet the need for housing in Colorado, Gov. John Hickenlooper said Thursday in north Durango.

“No one segment is going to be the solution,” he said.

The governor visited Durango to celebrate the groundbreaking of a 36-unit affordable housing project on 32nd Street. The housing project is the second phase of the Lumien Apartment complex.

Construction of the project will start this fall and is expected to be completed in 2020, said Bob Munroe, a partner with Denver-based Solvera, the developer of the project.”

Read more of Hickenlooper’s comments at the Cortez Sun Journal here.

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Homeownership and cost of living, as told by the DU Clarion

The University of Denver’s paper, the DU Clarion, took a look at homeownership and cost of living.

On homeownership: “College kids are nervous for a reason when thinking about future housing, especially given student loans owed and limited income, but it may help to expand our consideration to more areas of the country when planning future moves. Living comfortably in New York or San Francisco may be out of reach, but every community has a lot to offer. How we think about homeownership will change as we include more places in our vision of where we want to live and work.”

And on cost of living: “Overall, despite buyers having struggled to find reasonably priced homes in recent years, buyers can expect sellers to drop listing prices in the future. The median listing prices of homes in Denver is still  higher than the national average, but the housing market is showing signs of restoring balance as sellers have more pressure to lower their prices and expectations as sales have dropped.”

Read the full articles on homeownership here and cost of living here.

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USA Today: Housing Market Slows as Prices and Rates Rise, Buyers in Denver, Other Cities

A new article from USA Today takes a look at what househunting in Denver and other cities across the country looks like:

“Keith and Kylie Beukema were bracing for a year-long slog as they started hunting for a larger home in the Denver area, one of the hottest housing markets in the country the past few years.

Instead, it recently took them just two weeks to snag their four-bedroom dream house with mountain views in Thornton, paying $490,000 — $10,000 below asking price – after visiting just three other homes.”

Read the full story here.

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Westword: The 27 Denver Neighborhoods Where Rent Prices Are Down Right Now

“Despite steadily increasing rent costs in metro Denver during recent years, prices have actually declined in 27 Mile High City neighborhoods over the past six months.

This conclusion is based on Westword‘s analysis of figures from RENTCafe, whose Denver page regularly updates average rents for a wide variety of apartment types in seventy neighborhoods at present. The neighborhoods tracked by RENTCafe don’t always correspond to the ones officially recognized by the City of Denver; there are 78 of those. But the fluidity of the data allowed us to compare current numbers to costs for each neighborhood that we compiled for an April post.”

Read Westword‘s full analysis here for all the Denver neighborhoods where rent prices are down right now.

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YIMBY? Ben Carson, Trump’s Affordable Housing Secretary Pitches Affordable-Housing Strategy

This just in from Colorado Politics. Ben Carson, is pitching a new affordable-housing strategy – YIMBY-ism as opposed to NIMBY-ism.

“That is, he’s aiming to encourage people to say “Yes in My Back Yard,” instead of “Not in My Back Yard,” or NIMBYism, as its known.

In recent weeks, the secretary of Housing and Urban Development has embraced YIMBYism and called for the federal government to promote it, surprising agency watchers and urbanists and pleasing the bipartisan coalition of reformers who believe that restrictive zoning and land-use regulations are to blame for the rental crisis afflicting the nation and closing off some cities to the middle class.”

Read the rest here.