As we close out May, 2013 in the Denver Residential Market, what have we learned? Quite frankly, on the “idiot end of the tape measure” where I spend most of my time, we’ve been so busy chopping wood fast and furiously, we’ve not had time to sharpen our ax!
So, I thought I take some time, I would make some observations about the Denver Market, and I thought I would share them with you. So, here goes something…
There are 8 MLS Areas in the MetroList system already at or above $200M in sales YTD. Of those 8 areas, all have had more than 400 closings YTD. With a range of 411 closings in SSE to a monster year so far, we have Aurora South with 968 closings YTD!
Being analytical as I am, I highlighted these 8 areas on the MetroList Map (Attached). All 8 areas are without exception within an “easy” commute to the Denver Tech Center. All 8 areas are adjacent to either I-25 or I-225 which means there must be some influence from Light Rail. And, except Aurora South, they are close to or do enjoy some of the highest average prices in the city. Additionally, they either serve the DTC, Denver CBD, Mid-Town or Cherry Creek markets almost directly.
So, What’s it all about, alfie? In a word; Jobs! The DTC and its surrounds are experiencing positive job growth, and if rumor has it right, it now enjoys more jobs than the Denver CBD, but wait, the Denver CBD is experiencing job growth too! So, don’t rule the Suburbs out quite yet!
This will be fun to follow up with toward the 4th quarter to see how, jobs, rates, access, fuel prices, etc. have impacted Denver’s Residential Market changes. Stay Tuned!