Median rent dropped 5 percent in Denver from October to November, Zumper finds

Rents in the Denver-Metro area have been climbing higher in recent years.  But as Denverite reports, that trend may be starting to shift toward the opposite direction:

 

“The online real estate company Zumper has found the median rent for a one-bedroom in Denver dropped 5 percent from October to November to $1,520, among the sharpest decreases in the top 25 rental markets.

In its year-end rental report, Zumper noted that this is a slow-moving season and that rents across the country either dipped or stayed flat. Of the 25 priciest markets Zumper surveyed, only three saw drops of 5 percent or more: Denver at No. 16 on the top 25 list; Minneapolis at No. 24 with a median rent of $1,320; and Nashville at No. 25 with a median rent of $1,420.

Read more from Denverite here.

Resident Resources

Housing regains balance after a lengthy sellers’ market

For nearly a decade, Northern Colorado’s housing market has largely been a seller’s market.  But as BizWest reports, the market appears to be shifting into a healthier balance between sellers and buyers:

 

We hear it said many times: balance is the key to life. It also pretty helpful in real estate. And after leaning toward sellers for the better part of the past decade, we can say that Northern Colorado’s housing market appears to be returning to a state of balance.

It’s no secret that our market has largely favored sellers since the end of the Great Recession — a condition characterized by sharply rising prices and even chaotic bidding wars between buyers. By comparison, a balanced market means buyers get choices and don’t need to rush to decisions. At the same time, sellers who price their home right and prepare their property to sell will likely be successful.

That’s what makes the third quarter real estate statistics encouraging. While we continue to see strong demand, housing inventory — very tight here for several years — is showing signs of catching up. Meanwhile, the pace of price growth is more in line the historical average of about 5.3 percent per year over the past 40 years. And while prices are still climbing at a faster clip than wage growth, the gap between those two factors is closing.”

Read more from BizWest here.