According to the Housing Vacancy Survey for the first quarter of 2011, released on last month by the Census Bureau, the vacancy rate in for-sale housing in Colorado fell year over year to 2.1 percent from 2011's first-quarter rate of 2.2 percent. The vacancy rate in for-sale housing in the Denver-Aurora area also fell yeear over year, dropping to 1.9 percent from 2011's first quarter rate of 2.3 percent.
the vacancy rate was slightly higher, and was 2.2 percent during the
first quarter of 2012. That's down from 2011's first quarter rate of 2.6
The vacancy rate in for-sale residences is
difficult to measure and is based on information collected from
homeowners. If the homeowners report that the unit has been recently
vacant or will be vacant in the near future, the unit will be counted as
vacancy if other conditions are met as well. The units included must
not be rental units.
The graph shows that vacancies in
for-sale units have been declining since 2007 nationally, and in
Colorado and the Denver-Aurora area. The Denver-Aurora vacancy rate
during the first quarter was at the lowest rate measured during the
first quarter in more than seven years.
Recent data on home sales suggests that demand for homes continues to
build in the Denver area, and also in Colorado overall. Recent increases
in demand for for-sale properties may also be reducing turnover time in
these properties, and may be contributing to faster turnover in
foreclosures properties. This would in turn drive down the vacancy rate
in owner-occupant properties.
As the HVS Q and A page notes, many foreclosing properties may not show up as vacant "for sale" properties.
Denver-Aurora vacancy rate has been below the national rate since 2010,
and this falling vacancy rate in the Denver area relative to the the
nationwide vacancy rate may reflect declining foreclosure totals in
Colorado as well as ongoing demand due to relatively strong household