While April produced $46M in total sales of dirt in Denver, the two months that stand out are still December and May. When I look at the last twelve months of transactions I know that there is some seasonal activity that happens around January and December of each year, so my eyes go directly to the May of last year. The reason this stands out is prominently from the sale of 1919 19th St which sold for $154M.
Proof of growth?
It’s been said that you can tell what cycle any city is in by looking to the skyline and counting the number of cranes. So, as I look over Denver I cant help but notice we have allot of skyline activity, and I enjoyed this article by John Rebchook:
Who knew there was a real index to measure the number of cranes?
Apartments still lead the way in the Denver market when it comes commercial sales as 53% of all transaction are in MUH (YTD). However, land sales make up 14% of the total sales for the year and I think this can be a good indication of how the market will favor due to the amount of land that will be used to make more housing. There is still a shortage of supply in the Denver area for housing, and none of the indicators are screaming that this will change soon.