Several recent news tidbits that spell good news for the Denver area economy and real estate market are below. We are seeing a robust real estate market right now as there is a significant under-supply of resale homes. Brokers are reporting multiple offers and bidding wars on houses throughout Denver. Competition is most fierce at the low end as flipper, investors and first time home buyers are all battling it out. The action is also occurring throughout the pricing tiers up to the $700k range as there is very limited inventory of quality homes. Even the Luxury market is experiencing growth, with market stats indicating year-over-year increases in the million plus range.
The commercial real estate sector is also seeing good activity in several areas. For instance, in the Lincoln/I-25 area there are 8 major commercial development project currently underway. Other developments near Cherry Point include the Super Target at Tamarac Square, redevelopment of the former Sheraton hotel site at Hampden and I-25 and development of a King Soopers anchored mixed use project at Hampden and University.
As the construction sector heats up, and more people are employed “banging nails” and such, job growth will continue to be positive going forward – growth-begets-growth..
Look for Denver to be at the forefront of job growth – and in the national media spotlight for the next several months.