Denver housing inventory is at a record low

Posted at 10:40 PM, Mar 02, 2016
and last updated 2016-03-03 00:40:49-05

Finding a home available for sale can be a rarity, and new numbers by the Denver Metro Association show the inventory of available homes is below 4,000. Out of those listings, there are about 800 condos and town homes on the market.

“It is a brutal market place right now,” said Anthony Rael, member of the Denver Metro Realtors Association.

Rael said the six percent drop is all due to home sellers just staying put.

“I think a lot of sellers realize if they sell now, they are going to have to compete in the market to buy something else too," said Rael.

Houses that are just below the $350,000 range get several buyers at a time.

“That’s really where the blood bath is in the market place, there is simply not enough inventory and a lot of buyers in that price range,” said Rael.

In the Denver market, the highest bidder wins. Rael said if you plan to compete over your dream home, be prepared to bid about $10,000 more than the asking price.

For Tran Wills and her family of five, finding a place to live in Denver hasn't always been easy.

“Finding a home that fits all of our needs was kind of finding a unicorn in Denver right now" said Tran Wills.

But her search for the perfect place to live was changed when she found a four bedroom apartment in the RiNo District that comes with everything she's been looking for.

And despite losing some square footage, she said  there are so many functional spaces that make up for it. She and her husband also like being close to the city.

"Everything is super close for us, so driving less has been a huge thing for us as well," said Wills.

Finding a spot like this that accommodates working class families like Tran in Denver is rare.

It’s the reason why the Vice President of Zeppelin Development said they decided to build freight residences.

“The development market is very millennial-focused, lots of new population moving in but there is the other 70 or 80 percent that's still wants things to be bike able, walkable and we are trying to address a population that's overlooked by these developments," said Vice President of Zeppelin Development, Kyle Zeppelin 

The average apartment rent in Denver is about $1,500. Tarn is paying just about $2,200 a month for all of this space is something that fits her budget and family.


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