Expensive homes dominated the metro Denver real estate market in 2020.
"Metro Denver’s worsening imbalance between supply and demand has 2021 starting out with annual home price appreciation solidly into double-digit territory," reports
Aldo Svaldi, sharing data from a Market Trends Report published recently by the Denver Metro Association of Realtors.
"The average price of a single-family home that closed in January in metro Denver rose 2.9% from December to a record $629,159," Svaldi writes. That kind of monthly appreciation added up over the course of the year. "Annual price appreciation is running a hot 18.7%," adds Svaldi.
The sharp increase is caused by an overwhelming share of home sales occurring at the upper end of the market, according to the report. "For example, there were 70% more homes worth $1 million or more sold last month compared to January 2020, while there were 45.4% fewer homes sold in the $300,000 range and an 11.2% drop in homes sold in the $400,000 range."
All that data is also influenced by record low levels of inventory on the market. "After reaching an all-time low at the end of December, the number of active listings dipped another 8.9% in January to 2,316. Buyers last month had less than half as many properties to choose from as they did in January 2020 and compared to the average inventory going back to 1985, 83% fewer options available," according to Svaldi.
Planning for Congestion Relief
The third and final installment of Planetizen's examination of the role of the planning profession in both perpetuating and solving traffic congestion.
Minneapolis Housing Plan a Success—Not for the Reason You Think
Housing advocates praise the city’s move to eliminate single-family zoning by legalizing triplexes on single-family lots, but that isn’t why housing construction is growing.
New White House Housing Initiative Includes Zoning Reform Incentives
The Biden administration this morning released a new program of actions intended to spur housing construction around the United States.
Proposed Transit Line Would Connect Downtown Tucson to Airport
Based on community input for a 15-mile transit line, residents want to see a focus on affordable housing development and anti-displacement measures.
Strip Malls as a Housing Solution
The American strip mall may be a dying breed of commercial development, but could the buildings serve a new use as sustainable housing?
Study: Most of Vancouver Is a ‘15-Minute City’
A large majority of Vancouver residents can access a grocery store in 15 minutes or less by bicycle or on foot.
City of Redwood City
City of Rohnert Park
City of Hot Springs
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.