Renters Still Rule in Denver Real Estate Market

May 28 2010, 8:30 AM

First, the good news: The Denver area's luxury housing market appears to be on the upswing with sales of million-dollar properties up more than 18 percent from a year ago. In all, 58 homes sold for more than $1 million (via INDenverTimes). But while sales were up, median sales prices were down, declining by 9.4 percent from a year ago. Now, the kinda mediocre news: A Marcus & Millichap report released Thursday estimates that the recovery of Denver's retail real estate market will lag behind other markets because of newly constructed space, according to the Denver Business Journal. Denver-area developers may complete roughly 670,000 square feet of new retail space this year, the lowest level since 1995, but it may be enough to force retailers' rents down roughly 3.7 percent to about $13.43 per square foot per year.