“That's a pretty significant number,” says Denver real estate expert Steve Danyliw. “The rest of the country is experiencing increased inventory, but I can definitely say that our numbers are significantly high.” The last time there were over 10,000 active listings in Denver was September 2013. And the majority of the current listings are not new construction, according to Danyliw, who says that new builds represented less than 10 percent of inventory in May.
In their comments on the Westword Facebook post of the Catie Cheshire's story, readers have plenty to say about the housing situation in this city. Says Dave:
It's not supply and demand, it's supply, demand and money. Money has dried up. When they turn the spigot back on, that supply will vanish.Responds Jonathan:
It is almost as if the intended effect of raising interest rates — cooling the economy and inflation along with it - is working. I, for one, am shocked.Adds Robert:
Good — more housing supply means more market power for homebuyers. The more housing we build, the more prices will go down.Counters Philip:
Too bad it all starts in the $600k that barely anyone can afford.Offers Ted:
Prices need to be about 1/3 what they are now (what they were in 2012) before anyone other than California tech bros and Black Rock would be able to afford them.Replies John:
I visited a friend in 2011 living in Denver and he was basically just squatting in a full house. There was basically no real demand for housing and it did not seem like a place anyone was intentionally moving to. Well, obviously things have changed.Suggets Jay:
Prices will not go down. In addition, many people don’t have the hefty down payment when they purchase in Denver, so their loan to value is not under 80 percent and will have to throw moneyAnd then there's this from Jeff:
Have you seen some of the new construction that look like boxes and rectangles? The same budget can create cool or frickin’ ugly - your choice, developers!What do you think of Denver's housing market? The new construction? Post a comment or share your thoughts at [email protected].
