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Mountain West Real Estate Investment Market Report: Feb. 2020

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Market Activity

Denver, CO
Market Overview

Bay Area tech companies continue to relocate to the Mile High City, creating more high-wage jobs in the area. This influx of jobs has promoted developers to build luxury apartments in the urban core. More than half of the metro’s new supply in 2020 will be in Downtown Denver and it’s surrounding neighborhoods. Class B and C vacancies are in the low-4 and high-3 percents bands, while Class A dropped to mid-4 percent range.

865
Homes Sold
$422,000
Avg. Home Price
$1,652
Median Rent
U.S Census Bureau: fourth quarter 2019
4.4%
Rental Vacancy Rate
1.4%
Homeowner Vacancy Rate
2.5%
State Unemployment Rate
Metro Area Unemployment
Boulder, CO
2.0%
Colorado Springs, CO
2.8%
Denver-Aurora-Lakewood, CO
2.3%
Fort Collins, CO
2.0%
Grand Junction, CO
3.1%
Greeley, CO
2.3%
Pueblo, CO
3.6%

Market Activity

Salt Lake City, UT
Market Overview

Employers have been expanding into downtown Salt Lake City, enticing workers to move close to employment hubs in the area. The south has become a gateway for renters that need to live close to the city and major highways, due to the space in the urban core being quickly absorbed. Millcreek and Murray submarkets is expected to receive over half the construction pipeline.

262
Homes Sold
$390,000
Avg. Home Price
$1,245
Median Rent
U.S Census Bureau: fourth quarter 2019
4.4%
Rental Vacancy Rate
1.2%
Homeowner Vacancy Rate
2.3%
State Unemployment Rate
Metro Area Unemployment
Logan, UT
1.7%
Ogden-Clearfield, UT
2.0%
Provo-Orem, UT
1.9%
Salt Lake City, UT
2.0%
St. George, UT
2.4%

Market Activity

Dallas, TX
Market Overview

Job creation remains high – keeping developers occupied. This year more than 21,000 units will be delivered. Of those apartments, Dallas’ urban core will receive nearly 2,000 of those as developers are looking to capitalize on the region’s growing employment, led by Uber’s new campus. As corporations continue to expand and relocate to downtown Dallas, the northern suburbs remain top target for firms seeking a presence within the Metroplex.

734
Homes Sold
$290,000
Avg. Home Price
$1,244
Median Rent
U.S Census Bureau: fourth quarter 2019
8.6%
Rental Vacancy Rate
1.6%
Homeowner Vacancy Rate
3.5%
State Unemployment Rate
Metro Area Unemployment
Abilene, TX
2.8%
Amarillo, TX
2.3%
Austin-Round Rock, TX
2.4%
Beaumont-Port Arthur, TX
5.4%
Brownsville-Harlingen, TX
5.8%
College Station-Bryan, TX
2.5%
Corpus Christi, TX
4.2%
Dallas-Fort Worth-Arlington, TX
2.9%
El Paso, TX
3.6%
Housto-Sugar Land, TX
3.6%
Killeen-Temple, TX
3.4%
Laredo, TX
3.6%
Longview, TX
3.7%
Lubbock, TX
2.5%
McAllen-Edinburg-Mission, TX
7.0%
Midland, TX
2.1%
Odessa, TX
2.9%
San Angelo, TX
2.8%
San Antonio-New Braunfels, TX
2.8%
Sherman-Denison, TX
2.9%
Texarkana, TX-AR
3.9%
Tyler, TX
3.1%
Victoria, TX
3.4%
Waco, TX
3.0%
Wichita Falls, TX
2.9%
Data resources: Redfin.com., rentcafe.com, U.S Census Bureau, Institutional Property Advisors, and Colliers International.

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