Mile High City still a Seller’s Market
While the market has appeared to enter the spooky realm, activity has remained relatively steady and inventory of between 2.5 and 2.7 months of homes for sale in September, shows the market still benefits sellers.
Homes priced right — the operative words “priced right” — are still selling well.
However, buyers are seeing some new leverage as price appreciation slows and bidding wars cool.
Buyers are getting used to the idea of being in a higher interest rate market. The rising rates, now higher than they have been in two decades, was such a shock initially, but now they are getting used to it. It’s a new normal.
Buyers also have more options. The number of single-family homes for sale at the end of September, 5,798 listings, represented the highest count in over a year.
Source: October Denver Metro Association of Realtors
Central Denver neighborhoods, however, remain a standout. I conducted a brief study on East Wash Park to give you an idea. See it below.
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East Wash Park Study
In the market of East Wash Park where the average single-family home price of $2.2 million year to date in 2022 is far above the Denver metro average single-family home price of $777,011. This shows just how standout Denver’s central neighborhoods are.
Average Days on Market in East Wash Park for closings in September 2022 was 8 days, vs. Denver metro with 28 days. East Wash Park experienced a 41 percent increase year-over-year in average closed price in September 2022, $2.6 million. Meanwhile, Denver metro experienced an 8 percent increase year-over-year in average closed price, $745,947.
To expand on these stats, I love the recent story of 480 S High Street. Some of you may remember the exciting custom home by Nest Architecture and AJ Kirkegaard Contractors with 5,815 square feet sold in May 2021 at $4.025 million or $692 per total square foot, a record sale at the time. Fast forward a little over a year, and the home just sold off market in September 2022 at $4.4 million or $757 per total square foot, another neighborhood record!
This is more example of many in the last 60 days demonstrating buyers willing to pay top dollar for thoughtful quality in East Wash Park.
October Single-Family Home Data, East Wash Park vs Denver Metro
|September 2022 Days on Market (YoY % change)||September 2022 Closed Avg Price (YoY % change)||September 2022 No. of Closed Sales (YoY % change)|
|East Wash Park||8 (-11.1%)||$2.6 million (41%)||5 (-61%)|
|Denver Metro||28 (115%)||$745,947 (8.2%)||2,924 (-27.5%)|