DMAR Market Highlights:
- The tides are shifting. After five long years of intense bidding wars, buyers are happily negotiating with sellers on price, general terms, rent-backs to assist with buyer’s lease obligations and inspection items. Sellers are being forced to quickly come off their price if they want a fast sale.
- In August, 37% of sold properties had price reductions prior to receiving an offer. This compares to 31% the previous year. Properties with reduced prices spent an average of 58 days on market compared to 13 for those with no price reductions.
- Median rent for all apartments in the City and County of Denver stood at $1406 at the end of the first quarter of 2018, representing an increase of 4.3% over the end of 2017. This represents the highest ever median rent in Denver and an increase of 74% over the last nearly 10 years.
- 3,943 households reported experiencing homelessness on any given night in Denver in January of 2019.
- CoreLogic noted in their September Home Equity Report that borrower equity rose to an all-time high in the first half of 2019 and has more than doubled since the housing recovery started.
Source: Denver Metro Real Estate Market Trends Report, October 2019, by the Denver Metro Association of REALTORS®.
Related Denver real estate news headlines:
- Metro Denver luxury housing market shifts in favor of buyers
- Cherry Creek North continues to command top condo sales across the Denver area (Photos)
- The former Kmart at Monaco and Evans in Denver has sold after sitting vacant for nearly 7 years
- Rezoning deal could make way for new skyscrapers on Denver’s Sherman Street if developers agree to build affordable housing
- Denver opens the door for tiny homes. Will mobile homes be next?
And that concludes this month’s Denver Real estate market update
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