Brick and Main August Newsletter

Real Estate Market Update

Hot or Not?

The cost of rent in Denver is reaching record-highs.

National apartment search website RENTCafe.com recently reported that rent in Denver is averaging $1,670, already up $58 since January. This price jump landed Denver the number six spot on the list of large US cities with the highest rent.

On the flip side, home prices have gone down across 22.2% of Denver-metro zip codes.

Did You Know?

Denver is home to one of the top master-planned neighborhoods in the country. The Stapleton community has been ranked as the 14th master-planned community nation-wide for the first six months of the year, according to D.C.-based RCLCO Real Estate Advisors.

Buy Now or Later?

With home prices in Denver ticking down and inventory increasing, the city is slowly shifting over to a buyer’s market. Sellers are seeing more price reductions—even in homes in excellent condition and higher price ranges—and new home builders are reporting increased foot traffic.

In Denver, mortgage purchase applications are up 6.4% from this time last year, with rates hovering at three-year lows. In fact, mortgage rates are currently just .50% higher than the all-time low in 2012! While these improvements haven’t impacted home sales quite yet, it’s a clear sign that the number of home sales will likely shoot up in the second half of the year.

What’s Happening in Denver?

Grab your four-legged friend and head to Golden: Toby’s Pet Parade & Fair is the can’t-miss event of September! Benefitting the over 12,000 animals annually housed in the Foothills Animal Shelter, the parade and fair will feature hundreds of dogs decked out in adorable costumes, as well as family-friendly games and contests. You can register your pet and read up on the details by visiting https://tobyspetparade.org/.

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