Real Estate Investing In A COVID-19 World.
This year has presented many challenges, but Denver Metro’s real estate market has proven tough enough to handle it. Pent-up demand from the delayed spring market has created an exciting burst of activity and some encouraging signs of recovery over the last few months.
Each quarter of the year, LIV Sotheby’s International Realty (LIV SIR) reports on the Denver Metro real estate market. This Micro Market Report conveys the performance of the real estate markets in 58 different neighborhoods across Denver.
While Denver Metro as a whole—which spans across Adams County, Arapahoe County, Broomfield County, Denver County, Douglas County, Jefferson County, and Larimer County—saw a decrease in total dollar volume sold (-7.3%), many neighborhoods within the area experienced positive growth through June of this year.
Nineteen different neighborhoods throughout the seven-county area saw an increase in properties sold. By far, the most significant rise in the number of properties sold, from January to June of this year, took place in the downtown condominium market. During that time period, 211 condos were sold, a 245.9% increase from 2019 when 61 condos were sold. Southmoor Park also saw an impressive increase, with home sales growing 85.7%, from 21 homes between January and June of 2019 to 39 homes in the same time period of this year.
Due to increased demand from homebuyers and limited inventory in the marketplace, buyers are experiencing more competition and sellers are receiving multiple offers. In fact, according to the most recent Denver Metro Market Review from First American Title’s Megan Aller, 22.2% of homes are selling for over asking price and 33% are selling for the full price. Additionally, the average days on the market in Denver Metro have decreased slightly by 3.4%, making the average days on market for all types of homes 28 days. The competing offers have driven prices up and time spent on the market down, illustrating how strong the demand is for homes in this Colorado community.
LIV SIR’s Micro Market Report shows that, as a whole, the average sold prices for single-family detached homes increased by 2.6% through June of this year compared to the same time period in 2019, bringing the average price to $542,311. Attached homes in the Denver Metro area rose slightly less, increasing by 1.7%. As of June, the average sold price for attached homes was $368,075.
Denver Metro’s real estate market has once again proven its strength in the face of adversity. With increased activity keeping the marketplace hot for buyers and sellers, there are plenty of opportunities to reach your real estate goals in Denver Metro this year. To view the full Micro Market Report, visit coloradomarketreports.com. And for all of your real estate needs, contact Nelson Walley Real Estate.
Source: The Denver Post