What are the next real estate trends to watch?
The future of the real estate market has never been brighter.
The number of new listings on the realty market has risen by almost 2,000% since January, according to a report by the National Association of Realtors (NAR).
This includes an average of nearly 1,500 new listings per day in January.
New listings on average increased by 1,766% from January 2014 to January 2017, according the report.
According to the NAR, the median price for an apartment in Denver, the nation’s most expensive city, is now $1,600, up more than $200 from the previous month.
At $1.5 million, that’s the second highest price in the nation, behind San Francisco.
Meanwhile, the average price of a condo in Denver is $2.3 million, up $60,000 from January 2017.
And prices in the metro area are up by nearly $500,000.
Denver is now home to some of the highest housing costs in the country, and according to the National Low Income Housing Coalition, more than 60% of renters live in affordable housing.
“Denver’s housing affordability has been a constant struggle for decades, with rents at the peak of the recession, and prices rising,” said NAR President and CEO Chris Van Nest in a statement.
“As a result, many of the city’s residents have been forced to move away from the city, creating an ever-increasing supply of rental units that are often in need of repairs and replacement.”
The latest report also found that there are more than 100,000 vacancies for rental apartments in Denver.
However, rents are only at their highest level since 2010.
Despite the ongoing shortage of rental housing, the Nars reports that there has been no significant rise in the number of people applying for a rental unit.
Additionally, the number has remained stable in most of the state, with fewer than 1,000 new listings.
Overall, the housing market is improving, according a report released by NAR this week.
NAR’s report found that the average household size has decreased to 9.3 from 10.2 in 2014, while the number who have no children has increased to 6.7 from 6.1.
For the first time in a decade, the percentage of households with children increased to 33.5% from 33.1% in 2014.
While some of those households are growing, many others are experiencing a significant increase in the cost of living.
As of December 2017, the cost to live in Denver had increased by nearly 10% since the year before.
More: What’s driving the Denver housing market?
“With rents continuing to rise, it’s no wonder people are leaving,” Van Nest said.
We need to provide a more affordable place to live, and make sure we are able to afford the upkeep of our buildings, as well as keep our tax base strong.” “
We’ve had a large number of units with limited space, which has limited the number and availability of people who can afford to live there.
We need to provide a more affordable place to live, and make sure we are able to afford the upkeep of our buildings, as well as keep our tax base strong.”
What else is happening in Denver?
While there are many good reasons to be optimistic about the real-estate market, the reality is that the number one driver of the market is inflation.
Real estate prices have gone up by more than 80% since 2006, and have increased by almost 50% since 2012.
In 2016, the city saw a 6.9% increase in median house prices, while in 2016, there was a 3.4% increase.
That increase has continued through this year.
A recent NAR report found the average house price increased by 7.4%, with prices for condos rising by a whopping 11.1%.
While it’s not possible to directly compare the prices for a home and a condo at the same time, Van Nest says that the city is still experiencing a strong price growth.
This is due to a combination of factors, including the continued construction of the Boulder and Denver International Airports and the city moving toward a tax base.
There are also some positives in the report, including a slight increase in prices in Denver’s western suburbs.
But if you are interested in the latest real estate news, make sure to sign up for our daily newsletter, which includes all the latest news, market trends, real estate deals and more.
Get the inside scoop on real estate with the latest headlines delivered to your inbox daily.
Stay up-to-date on all the hottest real estate topics and watch for the latest updates.
Follow The Real Estate Show on Twitter @RealE