Real Estate Market

Numbers to know.

A Slowdown in the Denver Real Estate Market?

Denver Real Estate Market Update - September 2017

Anyone else noticing a slowdown in the market? I bet those are words you didn’t think you’d read! But it’s true… we’re starting to see homes stay on the market longer and the median sale price is creeping down. If this fall/winter is anything like last year, then we expect the peak slowdown to happen in February. Oh, and the inventory… well, that’s low too (but that’s old news). Even though we’re seeing an uptick in homes for sale since August, we’re still under two months of inventory and holding steady in this sellers’ market.

Denver Real Estate Market Update – August 2017

Denver Real Estate Market Update - August 2017

Months of inventory dropped 5.5% year over year. Average days on the market went up 20%. The median price for single family homes are up 11.8%. Why are homes sitting longer but everything else is trending toward an even tighter seller’s market?

One word, extremes. Buyers are circling the inventory like sharks, waiting for homes to hit. Homes in desirable ‘hoods, priced well, and in great condition are gone in a matter of days — sometimes hours. If a home hits the market and is passed over during the first week, it will likely remain on the market until action is taken by the seller (price drop, improvement, enticement, etc). Some sellers are overzealous and think the market is so hot they can just toss any crazy number on the listing and they will get an offer. The savvy buyer these days will only consider homes that are hitting now and rarely go back for a second look unless there is a substantial change in the listing.

Top Denver Neighborhoods in the First Half of 2017

Denver is still in a deep seller’s market. Lack of new inventory and continued buyer demand are keeping things tight as we go into the third quarter. The only cool down coming in the second half of 2017 is fall!

Union Station - LoDo | Denver, Colorado | Love Your Hood®
Union Station (LoDo) | Denver Neighborhood with the Most Expensive Square Footage

The Most + Least Expensive Denver Neighborhoods

When compiling the most expensive and affordable Denver neighborhoods, we found it helpful to analyze the list two different ways: one based on the median sales price and the other based on price per square foot. Why? When you think Country Club, you think of large houses and decent size lots. While this neighborhood boasted the highest median sale prices in the city, it doesn’t have the highest price per square foot. Instead, if you want to know the most expensive prices per square foot of real estate, check out the second list. Think of more urban, densely populated neighborhoods for this. While these homes may not be as large, each square foot of them is more expensive.

Based on Median Sale Prices

Don’t feel bad if you are scratching your head and saying to yourself, “Auraria, really?” We did the same thing, so we dug into the numbers to see what was up. This hood only has a few housing options, all of which are loft/condo units. With only four sales in the last six months (and one of them going for $1.9 million), there isn’t enough data to give a great representation of this neighborhood. We don’t expect to see it on the list next quarter.

Most Expensive + Most Affordable Denver Neighborhoods | Q2 2017 | Love Your Hood®

Map of Median Sale Prices by Denver Neighborhood (Q2 2017)

The map below sorts neighborhoods based on their median sale price for the second quarter of 2017. It’s a great tool to use when determining neighborhoods to focus on for your home search. Clicking on an individual neighborhood will show you the median sale price for that particular neighborhood.

View map in larger screen here.


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Denver Real Estate Market Update – June 2017

Hot summer, hot market.

Curtis Park, Denver | Love Your Hood

It’s hot, there aren’t a lot of homes available (some even without air conditioning), and buyers are frustrated. Sellers are continuing to make the rules and buyers are getting left out in the heat. Sound familiar?

Home prices are breaking records and would-be sellers are more worried about their replacement purchase than selling their current home. So, they opt to wait it out. The result: no inventory, increasing home prices, and homes continuing to fly off the shelf.

Inventory, yep I said it again

Average Months Housing Inventory Denver County 2007-2017

A quick glance at this chart doesn’t reveal much. From 2016 to 2017 the inventory numbers ticked down from 1.5 to 1.4 month. Not a huge surprise if you’ve recently been shopping for a home (you already know there aren’t many options out there). What caught my eye were June’s inventory numbers compared to 2016. The active (available) number of homes for sale in June 2017 compared to June 2016 was down 7.3% while the number of sold homes for the same time period went up 3.7%. That equates to 1.3 months of inventory for June which is putting pressure on our 1.4 month average for 2017. No surprise this is pushing median sale prices to record highs. (more…)

Denver Real Estate Market Update – May 2017

Temperatures aren’t the only thing heating up right now — the May real estate market was hotter than ever. The median price for a home in Denver was $410,000 in May, nearly $7,000 more than in April and over $36,000 more compared to the same time last year. The average number of days that homes stayed on the market dropped by 5 to 19 days in May from the previous month. This means the market is doing what we know it to do in the summer — move faster and for more money. The ray of sunshine for buyers? Mortgage rates were at their lowest for the year in May, which means more buying power!

Denver Real Estate Market Update – April 2017

Denver Real Estate Market Update - April 2017

  • Properties were starting to stay on the market longer towards the beginning of the year as interest rates rose.
  • Homes are starting to move faster again as rates have declined.
  • The cool-down in prices toward the end of 2016 have all been erased.
  • Prices for condos and single-family homes have all been on the rise since the beginning of the year.

The Top Ten Denver Neighborhoods of 2016 – Second Quarter Update

Second quarter 2016 was an eventful one for Denver real estate. The Brexit gave us lower-than-ever mortgage rates and as the second quarter ended, we saw more home inventory than we have had all year. As a result, price reductions increased and it seems like buyers may have more choices and power. But not only did June give us more active and new listings, it also set the record for days on market, average and median sold price, number of homes that sold, and sold volume.

We could be on our way to a much needed market correction.

The 10 Most Expensive Denver Neighborhoods

Sun Valley, Denver, Colorado

When compiling the 10 most expensive Denver Neighborhoods, we found it valuable to include a list based on the greatest price per square foot and another based on highest median sales price. When you think Hilltop neighborhood you think of large houses and expansive lots. While this neighborhood boasted the highest median sale prices in the city, it doesn’t have the highest prices per square foot. Instead, if you want to know the most expensive prices per square foot of real estate, check out the second list. Here you’ll find properties in more densely populated neighborhoods.  While the properties may not be as large, each square foot of them is more pricey.

Based on 2nd Quarter 2016 Median Sale Prices

It’s no surprise to see the top eight neighborhoods on the most expensive neighborhoods based on median sales price list! Now we know what everyone is talking about when they say Denver is expensive! What IS a surprise is to see Sun Valley on this list. With one purchase in April (and the whole year), it made its debut but you probably won’t see it on this list again.

THE 10 MOST EXPENSIVE DENVER NEIGHBORHOODS

(Based on Median Sale Price)

Rank Neighborhood

Median Sale Price
(2016 Q2)

Price per Sq. Ft.
(2016 Q2)

1

Country Club

$1,224,348

$381

2

Hilltop

$948,013

$307

3

Cherry Creek

$823,548

$359

4

Washington Park

$795,867

$346

5

Belcaro

$741,551

$327

6

University Park

$716,278

$290

7

Cory – Merrill

$702,328

$267

8

Wellshire

$669,917

$257

9

Washington Park West

$592,622

$307

10

Sun Valley

$589,945

$307

Denver County

$375,848

$257

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