Denver Neighborhood Price Appreciation
Will the prices go up?
Rising prices still seen in Denver neighborhoods
Denver especially is showing great resilience in the current slow market. While virtually everyplace in the country is seeing a net reduction in housing value, Denver is holding steady. Denver has always been a vibrant market with prices well above the national average. Even during difficult economies, Denver does well—and NBC’s “Today” show highlighted Denver as America’s number one city on the verge of recovery from the real-estate slump.
Denver’s popularity and resiliency in the market is due to many factors, including:
• Excellent weather
• Educated population
• Attractive green space and parks
• Continued new development
• Flourishing downtown area
• Highly-rated public schools and universities
The national median home price, as of the first quarter of 2009, was $169,000, but Denver’s median stood at $192,900. Search our Denver Neighborhood Info for specific price details about each of Denver’s many attractive neighborhoods.
Denver ’s Improving Real Estate Market
House Price Appreciation for Period Ended December 31, 2009
□ Colorado Ranks #3 in the Country with a 2.7% appreciation in home prices over 2008.
□ Oklahoma #1 at 3.53%, Virginia #2 at 3.07%, and Nevada #51 with a -17.3% depreciation.
February 2010 Market Stats
□ The average sales price continues to increase for the sixth consecutive month, which is clearly the beginning of a powerful trend up 13.3% as compared to last February.
□ The million dollar sales saw its best month in three years, with an increase of 128% over last year, and active inventory was down by 4.9% which is a leveling off for the first two months of the year.
□ We are at historical low levels of inventory, so this is the month to get your property on the market.
March 2010 Luxury Home Market Stats
□ The most expensive sale in the Denver metro area in March was a six-bedroom, nine-bath 9,148-square foot home in Cherry Hills Village that sold for $3.585 million.
□ Denver boasted the most million-dollar sales in March with nine, followed by Greenwood Village and Littleton with four apiece.
□ It took an average of 101 days to sell a million-dollar home in the area, down from 184 days the previous month and 130 days a year ago.
□ Homes sold for an average of 91.7 percent of their list price , up from 85.6 percent the previous month and 89 percent a year ago.
Forbes Magazine – We’re Countering With The Real Facts
□ Forbes reported this month that “ Denver has gone from one of the best housing markets in the country to one of the worst in the last few months because our listing inventory has “skyrocketed”. The story is based on increase in inventory since December, which was abnormally low. Here’s what’s really happened since the first of the year . . .
□ January – March in the Denver metro, total active listings are up from 17,465 to 20,030, an increase of 15%.
□ Total properties sold from January – March increased from 2,353 to 3,602, an increase of 53%
□ The rate of inventory sold went from 13% to 18%, an increase of 38%.
***** You have to do some pretty creative thinking to turn that into bad news!