Monthly Roundup August: DMAR in the News

Inman

Buy vs. rent: Guiding clients through the age-old dilemma (article by Ann Turner, CEO of DMAR) 

With millennials’ preference toward a mobile lifestyle, the question of “buy versus rent” is prevalent among a demographic that constitutes a large segment of our first-time homebuyers. Furthermore, baby boomers are confronted with the same question for varied reasons that include a newfound desire to be mobile and investing in a market that is appreciating from the aftermath of the recent housing bubble. Real estate agents well-versed on the variables that determine whether a client should pursue homeownership instead of a lease, are positively guiding people through this major life decision. So posed with the question of whether to buy or rent, what is the answer? Read more...

Denver 7

Denver-area home prices dropped slightly in July; is the market cooling down? 

The median sale price of residential properties – both single-family homes and condos – was $385,000 in July, according to the latest data from the Denver Metro Association of REALTORS®. That’s down from $389,000 in June. Despite July's decrease, the upward trend in home prices continues overall. The median sale price in July was nearly 10 percent higher than the same time last year. Read more...

Detached home vs. condo: What the median looks like in Denver

With high prices and some of the fastest-selling homes in the country, Denver is one of the toughest places to be in the market for a new home right now. The median price for all single-family homes – both attached and detached homes – dipped slightly to $385,000 in July, according to data from the Denver Metro Association of REALTORS®, but prices are still nearly 10 percent higher than the same time last year. Read more...

What kind of house can you get for $200,000 or less in metro Denver?

Anyone who’s looking to buy a home in Denver right now can tell you that affordable homes are getting harder to find and those that are available sell quickly. Single-family detached homes for a median price of $420,000 last month but four years ago, that number was closer to $250,000. Current listings show just a handful of properties listed at $200,000 or less and the Denver Metro Association of REALTORS® reports just 23 homes sold for less than $200,000 in July. The overwhelming majority of homes are listed in the $300,000 to $400,000 range. Read more...

Denver Business Journal

Home prices up again, fewer homes sold in July

Average home prices in metro Denver increased 9.5 percent year-over-year in July to $449,054, according to new data from the Denver Metro Association of REALTORS®. That figure includes both detached single-family homes and attached condos and townhomes. Detached homes alone averaged a selling price of $496,382, an increase of 8.4 percent, while condo prices averaged $342,187 in July, up 13.6 percent from the year before. In the market overall, inventory ticked down in July, with active listings decreasing by 1.5 percent to 7,352, a new record low for inventory in July, said Steve Danyliw, chairman of DMAR's market trends committee. Read more...

Metro Denver luxury condo sales boom at mid-year

The luxury market in Denver continues its sprint through 2017, led by a huge increase in the number of condominium priced at $1 million or more. Twenty-four condos in that price range sold in June, up 118 percent from June 2016, when 11 homes sold, according to data from the Denver Metro Association of REALTORS®. Average prices for attached homes increased by a relatively modest amount, but surpassed the average price paid for detached luxury homes. Read more...

High home prices make it more difficult for empty nesters to leave

Housing inventory in metro Denver is tight, and the market for condos, long a favorite of empty nesters, is even more restricted. In July, 1,649 condos were listed, according to data from the Denver Metro Association of REALTORS®. Nearly half of those — 808 condos — are priced at $400,000 or more, higher than the $324,000 average price of a metro Denver condo. Higher home prices also make it difficult for empty nesters, who are often either already retired or headed in that direction. And with condos specifically, most of the new product that is being built is in the luxury market. Read more...

Denverite

Beyond the numbers, here’s why Denverites choose Adams County and Douglas County

At one end of the spectrum lies Douglas County, where the average income per return was more than $39,000 higher than any other county. At the other end, Adams County looks like the destination for those who need more affordable options. Part of the reason that Douglas County seems to attract people with more money is the companies that employ people in the region, says Steve Thayer, real estate broker and incoming chairman of the Denver Metro Association of REALTORS®. Read more...

What $275,000 buys in Denver and three other real estate markets

Last month, the median sold price for a condo or attached single-family home in Denver was $275,000, according to the Denver Metro Association of REALTORS®. Naturally, we wanted to know what kind of condo that buys. DMAR says the median sold condo was 1,167 square feet, with two bedrooms and two bathrooms and was built in 1985. Here’s a more visual sampling of what about $275,000 gets you in Denver and three other markets. Oh and if $275,000 isn’t quite your price range, I’ve also checked out what $352,000, $415,000 and $245,000 buys in Denver and around the country. Read more...