Keep an eye on the Denver housing market
It's a good idea to keep a close eye on real estate in Denver. A recent article in Denver Business Journal cited a real estate study compiled by PricewaterhouseCoopers and the Urban Land Institute, which named the Denver metro as one of the country's top 20 real estate markets to watch next year.
The "Emerging Trends in Real Estate 2013" report ranked Denver 14th on the list of "U.S. Markets to Watch: Overall Real Estate Prospects." The report indicated that part of the criteria for this ranking is due to Denver's housing market not taking as hard a hit as other major U.S. cities. The Denver metro also features fewer homes in foreclosure proceedings and less delinquent homes than average.
"Denver's economy has remained healthy, maintaining the ability to absorb a diverse employment base," the report detailed.
PwC's Wendy McCray additionally revealed that roughly 16 percent of Denver's population is between the ages of 25 and 34, which is a potential sign of future job growth.
How else does Denver add up?
The Emerging Trends in Real Estate report also ranked Denver No. 8 in promising investment markets, No. 14 in development prospects and No. 15 in homebuilding. Denver's central location in the southern and western region of the United States puts the city in a position for potentially strong growth, Denver Business Journal reported.
"A big benefit for Denver is its educated workforce, which is concentrated in growing industries such as high technology (6.7 percent) and energy (0.4 percent)," the report states.
Rise of the luxury home market
A recent article in The Denver Post reported that the luxury-home market in the Denver metropolitan area is on the rise as sales for 2012 already exceed total sales from 2011. The source cited industry data revealing that sales of $1 million or more homes in Denver totaled 540 last year. This year, January through September, sales of $1 million-plus homes has already reached 542.
The rise in luxury-home sales is attributed to the good performance in the equities market, a general stock-market recovery and the increased availability of jumbo mortgages. People in the market for $1 million-plus homes are often still in need of financing and mortgages, so low interest rates are contributing to this otherwise volatile end of the housing market.