Denver is an important market to watch in 2016, according to a recent report by the Urban Land Institute. The Institute ranked Denver No. 6 on its annual list of key markets to observe, as noted in its report titled “Emerging Trends in Real Estate 2016”.
“The strength of the economy in Colorado’s state capital seems to have put it on everyone’s list of top markets for 2016,” ULI’s report noted.
“Survey respondents and interviewees both commented on the favorable outlook for the market. Denver has taken advantage of a location and a culture that are attractive to a qualified workforce… In addition, a number of public and private infrastructure investments are setting the stage for future sustainable growth.”
The report also noted that the single-family housing market is expected to remain hot nationwide — an observation that will come as little surprise to homebuyers and sellers in the Mile High City. The Denver home market has been strong for several years, resulting in fiercely competitive sales situations.
Prices continue to rise, with the average sold price of a single family home in Denver increasing 2% — from $353,197 to $361,867 — from September to October, according to REcolorado’s monthly housing report.
On the positive side for homebuyers, new listings increased 18% this October over October of 2014. ”That marks the second consecutive month of year-over-year gains in active listings, reversing a two-year trend of record low levels of inventory,” noted Denver Real Estate Watch.
“With inventory levels increasing slightly as compared to last year and homes staying on the market a bit longer, this fall is a great time to buy a home,” Kirby Slunaker, president and CEO of REcolorado, told Denver Real Estate Watch.
In ULI’s report of markets to watch, Denver ranked just below Dallas, Austin, Charlotte, Seattle and Atlanta, respectively. Surprisingly, Houston fell from number 1 to 30. “Concern over the fall in the price of oil combined with the current level of new development gave survey respondents pause for 2016,” notes the report.