Denver leads us price growth
Photo: Larry Johnson
Denver is the housing market leading price growth in the US, according to new figures, as the country's real estate market continues to recover.
The rate of recovery has varied across America since the financial crisis, but the chart-topping performance of Denver is a reassuring sign that growth is not just limited to a single state. Indeed, the figures from Owners.com (based on August to September 2015 compared with a year earlier) include Washington, Ontario, Boston, Nashville, Pittsburgh and Portland in the top 10.
Recovery, though, remains gradual: New York, for example, saw prices fall, while Philadelphia saw annual price growth of 2.2 per cent, far below Denver's 11.9 per cent.
One area sure of a positive price rise continues to be Florida. The Sunshine State has long been one of the most sought-after destinations among overseas buyers, thanks to the area's strong lifestyle and investment appeal. Orlando, Miami and St. Petersburg are all present in the top 10, with rises of 11.6 per cent, 11 per cent and 7 per cent respectively.
"This data suggests that secondary markets such as Orlando and Denver have benefited greatly from the overall housing recovery with price gains significantly above larger markets," says Steve Udelson, President of the Owners.com business. "With the spring real estate season around the corner, consumers who are planning to be in the market next year will want to keep an eye on these markets to make savvy buying or selling decisions."
Garrett Kenny, Chief Executive Officer of Floridian developer and agent, Feltrim Group, adds: "It’s not only Orlando property prices that are rising, so is demand, too, from those looking for vacation homes, buy-to-let investment and retirees.
"The fact that the Orlando area is the second best performing market in the United States shows just how buoyant the market is. Even so, values are still way below peak prices and the market looks set to keep on rising for some time to come."
Miami, meanwhile, is expected to break its all-time annual home sales record for the fifth year in a row, according to the latest figures from the area's association of realtors. The Miami-Dade market registered 12,857 single-family home sales through the first 11 months of 2015, putting the market on pace to eclipse the all-time annual single-family sales record of 13,521, established last year.
"A fifth-consecutive record year for single-family home transactions is a testament to the vitality and allure of Miami real estate," adds Christopher Zoller, the 2015 Residential President of MIAMI.
Much like Orlando, Miami remains affordably priced: the median sales price for single-family homes rose 12.2 percent year-over-year in November 2015, from $245,000 to $274,900, according to the Miami Association of Realtors, but prices remain at 2004 levels despite four years of year-over-year increases.