Millennials are driving an increasing demand for condo living according to a new report. As an option for purchasing property, condos make a sensible choice for a lot of people.
First time homebuyers, like many millennial buyers, and downsizing boomers are part of the driving force in these numbers.
Data comes in from CoreLogic. They put together the numbers from 2018 and 2019 from across the United States to see whats trending, and noticed millennials up 2% for 2019, and contributing to 47% of mortgage applications for condos.
Insight from CoreLogic states, “In the coming years, younger millennials (age 30 or below) are likely to drive much of the condo demand as they are a very large group.”
See more of that data in an article here.
Colorado put some numbers into the top mention as well for the year with Denver coming in as one of the top 25 cities for condo sales. They posted a 3% gain overall in the study.
Considering current supply and demand situations in the real estate market one might find a really great investment in the condominium market. Even as Pagosa Springs grows, condos will be a viable option for our full time residents.
We have some mixed use development properties that a creative investor could realize some great gains with multi-family development condominium potential.
Give us a call at Pagosa Brokers real estate with condo questions, or inquiries on our mixed-use eligible development properties like this one.
Our Brokerage firm has friendly knowledgeable agents, and Southwest Colorado realty experience spanning decades. In Pagosa Springs, Colorado, count on Pagosa Brokers Real Estate. We’d be happy to help guide you through the stages of home buying and selling!
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