The Denver neighborhood real estate market is sending mixed signals. Despite a blazing hot market, we are seeing some signs of slowdown based on some sales in the last 30 days.
It’s still too soon to say whether this means the market is headed for a cool spell, but it definitely shows that conditions are variable. Something we’ll keep our eyes on closely at Kristin Harris Homes.
Let’s look at some notable Denver neighborhood sales in the last 30 days.
The 2015 Designer Showhouse home at 512 Cook Street (four-bed, six-bath, 4,108 square feet) fell short of the original list price at $1.7 million, closing at $1.5 million in June. It took nearly two months to find a buyer, even after hitting the market in March, peak selling season.
The contemporary townhome last traded for $1.675 million in December 2015, which means it lost 10 percent value in that time period.
Meantime, a custom craftsmanship single-family home in Bonnie Brae at 1000 South Cook Street (five-bed, five-bath, 4,979 square feet) resold only two years after trading for $1.5 million in June 2016.
The sellers splashed the interior with fresh paint and enhanced the outdoor living space with a fabulous flagstone patio, pergola and built-in grill. This year’s value? $1.59 million, a modest 6 percent increase in two years, or just enough to cover real estate commissions.
A single-family home in nearby Cory-Merrill at 1332 South Fillmore Street (three-bed, three-bath, 1,868 square feet) and its prime location within walking distance to South Gaylord Street amenities sealed the deal with a buyer.
At a smaller footprint than most homes in the area (many homes with 5,000 square feet), it is one of the least expensive homes on the neighborhood’s most expensive block, so you would think it would go for top dollar. Asking $775,000, the sellers found a buyer at $720,000, up only 10 percent over their $657,000 purchase in 2015, marking an average of less than 3.5 percent annual appreciation.
In short, the Denver Neighborhood real estate market is sending mixed signals. Despite being an overall seller’s market in Denver, some sellers are seeing minimal appreciation, others even depreciation. Stay tuned to kristinharrishomes.com for ongoing analysis.
Thanks for reading!