Doctor Yun, Chief Economist for the National Association of Realtors, was in Denver at the end of April and shared lots of Data with the local Denver community of Realtors. His over all opinion of the Data was positive for the Housing Market for Denver and for our Nation as a whole. Below are some Data Points for you to browse from his speech:
- We lost 8 mil jobs in the recession and have since added 12 mil
- unemployment insurance claims at a 15 year low
- Denver alone has added about 300,000 jobs since 2010 (could explain low inventory)
- Household net worth at all time high Nationally
- Vacation home Sales have doubled in the past two years
- Pent up demand for housing is at an all time high, construction still sluggish
- Since 2000 our population has grown by 37 million in 2014
- 2000 New Homes Sales 880 K vs 2014 New Home Sales 440K
- Average income is on the rise in Denver and while there have been negative pressures from the Engery sector the other parts of our economy are doing enough to offset them
- 36% of all US folks Rent this number will trend higher as loans continue to be difficult to get and because we don’t have enough inventory for the 1st time home buyer sector.
- The Landlord market will stay strong in Denver until we have enough rental units to keep pace with our population growth. This could be awhile.
- Construction has been slow to re-bound in Denver mainly because of lack of land and backlogged city construction permits.
- Looking for rates to be higher in 2016
- Continued low inflation rates
Just some points from his talk…if you would like the slides I am happy to provide them to you! Just send me an email at email@example.com and I will get them over to you in a jiffy!