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Mountain West Real Estate Investment Market Report: May 2020

Looking Ahead: 3 Consumer Shifts

In a matter of weeks, lives across the U.S. have changed in ways we could have never imagined.  People can no longer work, eat, shop, travel, and socialize as they had before. Instead of traveling, shopping, and going out to restaurants, many consumers are tightening their wallets to only spend on essentials.

Physical distancing has changed the way people interact and inhabit space and could potentially lower demand for certain types of spaces. This has created an unprecedented challenge for the real estate industry. The longer this pandemic continues, the more likely we are to see lasting changes in behavior.

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Market Activity

Denver, CO
Market Overview
Investors remain captivated by the region’s product, pricing, and profile. The balance, strength, and renter profile of the Denver apartment market has translated into one of the most active transaction markets in the nation. Accounting for 45.10 percent of the city’s housing units, single-family detached homes are the most common housing type in Denver.
937
Homes Sold
$457,000
Avg. Home Price
$1,674
Median Rent
U.S Census Bureau: first quarter 2020
4.5%
Rental Vacancy Rate
0.9%
Homeowner Vacancy Rate
11.3%
State Unemployment Rate
Metro Area Unemployment
Boulder, CO
4.0%
Colorado Springs, CO
5.5%
Denver-Aurora-Lakewood, CO
4.6%
Fort Collins, CO
4.2%
Grand Junction, CO
6.3%
Greeley, CO
4.6%
Pueblo, CO
6.9%

Market Activity

Salt Lake City, UT
Market Overview
For the office market, construction increased from 1.6 million square feet in the first quarter of 2019 to just over 3.2 million square feet at the end of March. Over 48 percent of the projects under construction are pre-leased. Some notable construction activity includes the 589,000-square-foot building on 95 South State Street in the Central Business District, 349,000-square-foot building for Pluralsight in Draper, 220,000-square-foot Soleil Tech Park buildings 1 & 2 in West Valley, and the 233,000-square-foot nine-story tower at Fairbourne Station in West Valley City.
254
Homes Sold
$371,000
Avg. Home Price
$1,235
Median Rent
U.S Census Bureau: first quarter 2020
6.3%
Rental Vacancy Rate
0.6%
Homeowner Vacancy Rate
9.7%
State Unemployment Rate
Metro Area Unemployment
Logan, UT-ID
2.9%
Ogden-Clearfield, UT
3.8%
Provo-Orem, UT
3.4%
Salt Lake City, UT
3.8%
St. George, UT
4.2%

Market Activity

Dallas, TX
Market Overview
For now, apartment leasing activity has seemed to suddenly bounce back in a big way. After seeing activity drop in late March to early April, it seems to be back to the same levels as a year ago. For the Dallas area, activity is now up 4 percent year-over-year and Fort Worth is up 13 percent annually. According to RealPage, almost 90 percent of renters had made payments for April and 92 percent paid rent in the Dallas/Fort Worth area.
864
Homes Sold
$349,000
Avg. Home Price
$1,250
Median Rent
U.S Census Bureau: first quarter 2020
8.3%
Rental Vacancy Rate
1.5%
Homeowner Vacancy Rate
12.8%
State Unemployment Rate
Metro Area Unemployment
Abilene, TX
4.0%
Amarillo, TX
3.4%
Austin-Round Rock, TX
3.5%
Beaumont-Port Arthur, TX
7.5%
Brownsville-Harlingen, TX
7.4%
College Station-Bryan, TX
3.7%
Corpus Christi, TX
5.7%
Dallas-Fort Worth-Arlington, TX
4.3%
El Paso, TX
5.0%
Houston-Sugar Land, TX
5.1%
Killeen-Temple, TX
4.9%
Laredo, TX
5.2%
Longview, TX
5.3%
Lubbock, TX
3.7%
McAllen-Edinburg-Mission, TX
8.5%
Midland, TX
3.1%
Odessa, TX
4.4%
San Angelo, TX
4.0%
San Antonio-New Braunfels, TX
4.2%
Sherman-Denison, TX
4.3%
Texarkana, TX-AR
5.4%
Tyler, TX
4.5%
Victoria, TX
5.1%
Waco, TX
4.5%
Wichita Falls, TX
4.2%
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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