June 2015 - Market Report and Statistics

Stats and Maps for 52 Central Denver Neighborhoods 

The Denver real estate market continues to flourish – time on market is very low and prices are increasing at a steady pace. Below is a summary of how this trend started and where we are headed.

2015 and beyond: – see my blog for a in-depth view of the spring of 2015 

2013-2014 (aka Total Madness): Confidence was high in Denver, so everyone who had shelved their real estate dreams were now eager to buy a home. Buyers were ready but sellers were wary, so the supply/demand ratio quickly became off balance—there were too many buyers for the number of homes on the market. This meant homes sold the first day on the market, sale prices were increasing rapidly, and the paradigm shifted to a seller’s market. And it was total madness for everyone. What used to take 14-60 days was now happening in 12-24 hours.

January 16th 2012 (aka Back to Normal): The day I went from having no active buyers or sellers to having 6 people get serious. Yes, for me it really happened overnight. Interest rates were still good and the “sky is falling” mentality had passed. Denver was starting to come out of hibernation and confidence started to grow. While 2012 was a good year for Denver’s real estate recovery, the best was yet to come.

2011 (aka Seeing Hope): The impact of the tax credit was gone and buyers were actively looking for homes, excited by the possibilities. Interest rates were good and it wasn’t too hard to qualify for a mortgage, but the process took longer because bankers were paranoid and still in a “hangover period” from the nationwide mortgage crisis. Denver began to hope for a “somewhat” return to normalcy. 

2009-2010 (aka Government Intervention): The federal government gave tax credits to some buyers during the end of 2009 and the beginning of 2010. In my opinion, this government intervention caused an unnatural balance to the market—the majority of the demand fell in Q1 2010, leaving an almost dead real estate market for the remaining three quarters. 

2008-2009 (aka Nationwide Mortgage Crisis): The extreme ease of obtaining a mortgage was bound to fail, and this is when it happened. Mortgage markets are nationwide, not local or regional, so Colorado felt the problem as much, if not more, than the rest of the country. If you remember, Colorado was always in the news for record foreclosures, short sales and overall financial problems. Most markets – including Denver – were in reaction mode, mortgages were getting harder to obtain, and the shift in supply/demand brought lower (or flat) home prices. The previously booming nationwide markets were now crashing. Denver was hibernating, hoping for our boom times to come.

2007 and earlier (aka Normal times): Many markets around the country were booming – there was record appreciation and getting a mortgage was very easy. In fact, we often joke that all you needed was a heartbeat! Denver also saw easy mortgages but just average or “normal” market conditions (i.e. a good balance between buyers and sellers.) Our market wasn’t experiencing high appreciation but that is often the case – we tend to cycle or be opposite of the markets that were booming. Denver was waiting patiently for real estate boom to start.









 

Let us know how we can help interpret your specific situation and help plan for your future.

-Denver Realty Experts

 

Maps

Below are three maps I have developed to help clients (and myself) study central Denver.

1) Detached Single Family Map - Price, Appreciation & Price per sq ft

This map covers the average home price, the average annual appreciation over the past 5 years and average price per sq ft.  

Detached Single Family - Price, Appreciation, Price per sq ft

2) Detached Single Family Map - Price, Size & Count

This map also has average price but also has the average number of finished sq ft for detached homes and how many have sold.

Detached Single Family - Price, Size and Count

3) Condo - Price, Appreciation & Price per sq ft

This map covers the average home price, the average annual appreciation over the past 5 years and average price per sq ft.  

Condo - Price, Appreciation, Price per sq ft

4) Condo - Price, Size & Count

This map also has average price but also has the average number of finished sq ft for detached homes and how many have sold.

Condo - Price, Size and Count

 

 

Neighborhood Specific Stats & Graphs

Below are links to stats and graphs for the central Denver neighborhoods.  Let your inner nerd out and check out how your neighborhood compares to others.

Homes

Condos

Central Denver - ALL
Alamo Placita 
Baker 
Berkeley 
BonnieBrae / Belcaro
Byers
Capitol Hill
Cheesman Park
Cherry Creek
City Park
Clayton
Cole
Congress Park
Cory-Merrill
Country Club
Curtis Park / 5 Points
Crestmoor
East Colfax
Hale
Highlands
Hilltop
Jefferson Park
Lincoln Park
Lowry
Mayfair
Montclair
North Downtown
Observatory Park
Park Hill Central
Park Hill East
Park Hill North
Park Hill South
Platt Park
Polo
Regis
San Rafael
Skyland
Sloan Lake
Stapleton
Sunnyside
University
University Hills
Virginia Village
Washington Virginia Vale
Wash Park East
Wash Park South
Wash Park West
Wellshire
West Highland
Whittier

Alamo Placita
Baker
Byers
Capitol Hill
Cheesman Park
Cherry Creek
City Park
Congress Park
CurtisPark / 5 Points
Downtown
Golden Triangle
Hale
Highland
Jefferson Park
Lincoln Park
Lowry
North Downtown
Observatory Park
Polo
Stapleton
Uptown
Wash Park East