Attainability is on the minds of Denver area realtors, who in their latest survey of the market took note of plans for homes in Lone Tree for families earning no more than 60 percent of the area median income and a groundbreaking for affordable apartments near downtown Denver.
“We continue to have an affordability issue in the metro area,” said Jill Schafer, who chairs the market trends committee of the Denver Metro Association of Realtors.
But Schafer pointed to increases in new listings and active listings for attached homes. More condos also went under contract in March.
“Attached homes can be built for less and … may be the opportunity buyers need,” Schafer said.
An average condo sold for $360,875 in March, up 3.27 percent over the previous month and 2.44 over March of 2018. The average single family home sold for $530,897, up 3.2 percent over February and 1.26 percent over the previous March.
In addition to the numbers, the market report highlighted recent approval from Lone Tree’s city council of plans for RidgeGate, a master-planned community in that southern suburb, to have at least 350 units designated for families earning between 40 and 60 percent of AMI.
The realtors also mentioned the groundbreaking for a 66-unit complex at 3773 Walnut St. known as Walnut Street Lofts that will have seven apartments set aside for families earning no more than 30 percent AMI. No tenants can earn more than 60 percent AMI.