Construction surges in Denver
With construction surging across the metro area, people can expect to see more homes for sale in Denver in the near future. A recent article in the Denver Business Journal detailed that while there has not been much development for offices, retail and industry, multifamily construction is exhibiting more activity than it has seen in years.
The Journal cited an industry corporation that anticipates roughly 3,000 apartments to become available this year in the Denver metro area. This trend is expected to continue for the next several years. The source explained that according to the company's market analysis forecast, roughly 4,500 apartments could reasonably be absorbed in the Denver market yearly for a period of at least three years.
Another report from the Denver Business Journal revealed that condo sales in downtown Denver are beginning to thrive. A handful of local condominium towers in the downtown area have been reporting significant strengthening of sales numbers, which is in stark contrast to the slower and even halting sales experienced in 2009, 2010 and parts of 2011.
The Los Angeles Times reported that the housing market in Denver is strengthening as the city sees an economic rebound. In a recent article, the Times cited a report showing Denver home sales are up 18 percent over last year and the amount of time homes stay on the market is drastically decreasing, down about 30 days from 2011. The source observed that Denver and the surrounding suburban area are experiencing a housing boom, with homes being sold as soon as as one day after they're listed on the market. Prices are also climbing and contractors are frenzied as they look for construction resources to get projects off the ground.
"There are many reasons the economy around Denver is doing so well," said Ron Throupe, a professor at the Burns School of Real Estate and Construction Management at the University of Denver who was quoted by the Times. "The mining and high tech industries have brought jobs to town, putting pressure on a real estate market that didn’t build much during the downturn. Young adults who moved in with their parents during the slow days of the recession are now moving out, forming their own households and looking for places to live."