Overall, Denver is setting home sales records for soaring median sales prices, low inventory, and the number of homes sold. Tell that to someone who’s trying to sell a condo downtown†, and you’ll probably be met with a puzzled look! Since COVID-19 swept the headlines, living downtown has become less popular. The psyche of buyers looking to call downtown home have changed, and the statistics are backing that up. The downtown real estate market comprises a small percent of Denver’s overall monthly activity, so it’s getting buried by all of the records the rest of the city is experiencing. Here are a few stats we pulled from the downtown condo/loft market for September:
- Median sale price is down 14.2% to $485,000, from $565,000 in September 2019.
- The number of sales for September is down 60% from September 2019.
- There was 4.3 months of inventory, up 21% from September 2019.
Just like the stock market, our housing market has sectors that are down while the overall market remains strong. Can someone say opportunity? Market reports are great, but keep in mind: they are broad in scope and usually give you the 30,000 foot view. The statistics that really matter are the ones for the neighborhood you’re looking to call home!
Want more detailed information about the market in your neighborhood? Please reach out!
† In this article, Downtown Denver includes the neighborhoods of Union Station (LoDo) and Central Business District.