Colorado Summer Real Estate: Suburbs Outrun Denver in Housing RecoveryPosted on May 15, 2017
For suburbs such as Castle Rock, the summer will likely bring hungry home buyers faced only crumbs of inventory. According to a recent piece by The Denver Post, Colorado summer real estate trends show a greater migration and population growth in the suburbs. While Denver’s population is growing, a recent study showed several suburbs grew at a faster pace than the city. For home sellers, the migration to the city means understanding the typical buyer. Although millennials like the urban experience of living downtown, many people in their 30s decide to have children and settle in the Denver suburbs. Baby boomers used to living in the suburbs all of their lives also buy homes in the suburbs, oftentimes buying a home with more space instead of downsizing.
Communities growing the fastest
According to The Denver Post report, some of the communities with the fastest rate of population growth included Lone Tree at 19 percent increase between 2010 and 2015. Castle Rock had a 15 percent growth, while Lochbuie experienced 14 percent growth. Some of the areas with slower growth included Westminster with just 7 percent growth and the small affluent area of Castle Pines with no population growth.
Expecting interest but low inventory
Another article by The Denver Post pointed out the Denver metro area will likely remain hot enough this summer to lead the nation in sales. Many builders can’t meet the housing demand in the Denver metro area. In 2016, Denver made Zillow’s list of hottest housing markets. Although people want to buy in Denver, the problem is a low inventory. A recent report showed the Denver area’s housing inventory hit the lowest point in 32 years. The report by the Denver Metro Association of Realtors revealed only 3,878 homes for sale at the end of February or the lowest since 1985.
It’s still a seller’s market in Denver with so many homeowners reluctant to let go of their homes for fear of not finding a better home with such tight inventory. Still, real estate experts expect more homes to hit the market by summer. Homes, once listed often sell within a few weeks for about 8 to 12 percent more than they sold a year ago.
At Team Lassen, we show homes and list properties in great areas including Castle Rock and Westminster. For more information about Colorado’s summer real estate predictions, contact us.