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 Neighborhood with the Most Expensive Square FootageThe 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.
Map of Median Sale Prices by Denver Neighborhood (Q2 2017)
Based on Average Price per Square Foot
Typically, neighborhoods with higher percentages of condos dominate this list, but we are seeing more neighborhoods with predominately single-family homes starting to run the show. This is proof that square footage in Denver is getting expensive everywhere, not just in the downtown neighborhoods.
The Fastest + Slowest Selling Denver Neighborhoods
No surprise that homes in more affordable neighborhoods move faster! Expensive homes take more time to sell since there’s a smaller pool of buyers looking for them versus homes priced less than $300K. Why is Jefferson Park sitting at the top of this list as the slowest moving neighborhood? It’s gone through a builder boom and the surplus inventory has increased the time it takes properties to sell.
The Denver Neighborhoods with the Greatest + Least Price Appreciation
Some big winners and losers in the last six months. It’s important to note that this is a relatively short time period to consider. Keep in mind that over the last five years, every Denver neighborhood has seen home prices appreciate (anywhere between 13-646%!). The only exception is Kennedy. And Kennedy is an odd neighborhood for compiling sales stats as it’s mostly rental units (only 116 properties have sold there since the beginning of 2012; the typical neighborhood has seen 915 properties change hands during the same time period).
The Denver Neighborhoods with the Most + Least Amount of Housing Inventory
More affordable homes sell FAST. That is all.
All statistics compiled from REColorado.
