Denver Real Estate Blog
We hope you are looking forward to the New Year ahead! Speaking of looking forward, we hope this blog gives you a jump start on planning for what Denver has to offer in January, and may your 2015 get off to a fun and healthy start!
The Resolve 5k/10k (January 3)
Come join the third race in the City Park Winter Running series and start your New Year off right. What do you resolve to be in 2015? Register here.
National Western Stock Show (January 10 - 25)
The National Western Stock Show is something to look forward to every January. The "16-day show serves as an entertainment arena, hosting one of the world's richest regular season professional rodeos, the 'Super Bowl' of Livestock Shows, nationally recognized Horse Shows and Colorado's largest Western Trade Show." Click here for all the details!
Denver Nuggets and Colorado Avalanche (January)
Cheer on our home teams this January! There are lots of opportunities this month to attend a game at the Pepsi Center. Click here to view their upcoming schedule and purchase tickets.
Whales: Giants of the Deep (Now - February 16)
There is still time to visit this exhibit at the Denver Museum of Nature & Science where you can "enter the underwater world of whales, discover how their bodies work and observe their extraordinary lifestyle". Plan your visit here.
The 34th Annual Colorado Indian Market and Southwest Showcase (Jan. 23 - 25)
Enjoy dazzling displays of art and world class performances. Each day there are "amazing, delightful and fun special attractions" and fun for the whole family. Learn details here.
Martin Luther King Day in Denver (January 19)
Celebrate the largest Martin Luther King Jr. march and rally in the United States. Participants gather at City Park and march to Civic Center Park, where a large rally commemorates the life of Martin Luther King, Jr. Learn more here.
Dancing Pros: Live (January 23 - 24)
"The world's finest dancers will battle it out on stage in Dancing Pros: Live! and the audience will choose the winner. For the first time together on stage, see professional dancers from 'Dancing with the Stars,' 'So You Think You Can Dance' and dance champions from around the world compete with one another for top prize. Learn more here.
Cirque Musica (January 30 - 31)
Cirque Musica "takes audiences on a musical journey to a land of dazzling beauty, mystery and suspense. The show blends the grace and thrills of the world's greatest circus performers with stunning symphonic music from classical, pops and popular repertoire". Click here for tickets.
Icelantic Winter on the Rocks (January 30)
Now one of Colorado's most iconic events, "Icelantic's Winter on the Rocks ushers in its fourth concert with Major Lazer and Damian Marley live at Red Rocks Amphitheater. Buy tickets here.
Rosanne Barr (February 21 - 22)
This event is not until February, but the first show is already sold out! So, if you are interested in seeing Rosanne live at the Comedy Works, buy your tickets today! Click here for information.
Every December I like to review what the real estate market experienced in the past year and see where we think it'll head in the New Year. Overall, I'm extremely pleased with what we've experienced in the past 12 months and am bullish on the future. I expect the economy to continue to improve and our metro Denver housing market to stay strong but, critically, not overheat. Here are a few different metrics I use to evaluate the market and help you understand it better. For each, I'll briefly describe what 2014 looked like and where I think we're headed.
Market strength - 2014 was a strong sellers' market. We still have near record low inventory of homes for sale which is keeping the demand for housing strong. Prices are up about 9 percent in 2014 making homeowners (and real estate investors!) very happy. I expect 2014 to continue to be a sellers' market but I see no sign of a major imbalance in the market that could lead to any sort of ugly peak and crash. Overall, I expect home prices to continue to rise but a somewhat slower pace in 2015, about the long-term average of 6 percent.
Rental Vacancies - The rental market is as strong as it has ever been in metro Denver. The vacancy rate for 1-4 unit properties is at a near record low 2 percent. Rents are rising faster than they ever have in the past. As a result of the rising rents, we are beginning to see more renters deciding it's time to buy instead of suffering through continual rent increases and tougher application processes. In addition, more and more homeowners who experienced hardships during the downturn, lost their homes and have been renting ever since, are now able to purchase a home again as their ability to finance a purchase recovers. This is great news for the market and will certainly lead to more sales in 2015, continuing to support our sellers' market. It's very interesting to study the relationship between the rental market and the sales market: the tighter the rental market, the faster rents go up, the more likely renters are going to become buyers, the more it strengthens the sales market.
Interest rates - We had a big jump in interest rates in June 2013 as the economy showed signs of improvement. But, much to everyone's surprise it didn't put much of a damper on the housing market. Since then rates have drifted downward helping to keep homes relatively affordable. No one knows exactly what interest rates will do in the future, despite what all the screeching cable news networks say! I foresee continued improvement in the economy, both locally and nationally, over the next year so my best guess is that interest rates may rise a little in 2015, but only a little. 2015 is still going to be a great year to buy a home. Someday down the road we'll see interest rate hikes, but for the foreseeable future I don't predict any major jump in rates.
The Economy - Let's talk a bit more about the economy. The metro Denver economy is very strong, with unemployment down to 4.7 percent. Despite the fear of a spike in inflation it has stayed extremely low, in the range of 1-2 percent. Consumer confidence is at its highest point in five years and will continue rising. Nothing can be better for our housing market than a slowly but surely improving economy. In a steadily improving economy buyers and sellers behave rationally and buy and sell in a controlled environment, based on solid personal, financial, and economic reasons. At the same time it avoids the problems associated with an overheated market where prices pop then crash like we experienced during the last downturn. This is what real estate market dreams are made of.
When all's said and done, I can't wait for 2015!
As you hang your stockings by the chimney with care and hopes of St. Nick float in the air, it’s important to be aware of the common holiday hazards that can be present this time of year. To help you prepare your home with a safe environment that minimizes accidents and welcomes holiday cheer, take time this season to check off the following safety tips from your holiday to-do list.
Check Fire Alarms
As the holidays approach, the City and County of Denver warn about the potential danger for residential fires from decorative lights, candles, cooking and decorations. To ensure that you’re alerted properly of any possible fire dangers, make sure to change your fire alarms’ batteries and check for proper functionality.
Service Heating Elements
As temperatures in Denver continue to dance around the freezing mark and as you host guests this holiday season, your heating appliances – furnaces, fireplaces, stoves, ovens, etc. – will be working overtime. To ensure proper functionality and alleviate the need for emergency service calls, change filters and check all of the heating elements in your house before you kick off your holiday celebrations.
Candles, trees, outdoor lights and decorations can illuminate your holiday spirit. But, these common holiday decorations also can be a common cause for emergency room visits, property loss and damage. To ensure you have a happy and safe holiday, check all of your lights for possible shorts or damage prior to hanging, follow proper Christmas tree selection and care, and never leave an open flame from candles, fireplaces or on the stove unattended.
Establish Package Safe Drop
Whether you choose to do your holiday shopping online or you’re waiting for presents to arrive from out-of-town relatives, the holiday season can bring a lot of activity to your front door as mailing services deliver packages on a daily basis. Keep your packages safe from possible thieves and wet weather by placing a locked box at your front door for packages or arranging for an at-home neighbor to accept your packages if you’re away during the day.
Dog and Child Proof your Home for the Holidays
From sharp holiday tree needles to candy cane decorations and electrical lights hanging throughout your home, there are more opportunities for pets and young children to get into hazardous items this time of year. When you’re decorating and preparing for the holiday season, keep toxic and dangerous items out of harm’s way for both your children and your pets. And, if you have plans to attend holiday parties with your family, pay extra attention to possible hazardous items that may be easily accessible to your children.
For additional holiday safety tips, the City and County of Denver offer many useful suggestions in a pdf here to help keep you and your family safe from possible hazards and fires this season. As you prepare for a joyous holiday season, your expert Denver metro real estate agents at New Era Group wish you and your family a happy and safe upcoming holiday season!
Did you know that more tigers live as ‘pets’ in Texas than they do in the wild? Sadly, many of these exotic pets, particularly the large carnivores are abused, abandoned, illegally kept or exploited. And every year people are killed by their own captive wild animals because they are not properly housed or because people are put in unsafe situations with these animals by their owners. The illicit exotic animal trade is one of the largest sources of illegal profits in the world today, just after illegal drugs and weapons.
It’s a dream life here in Colorado
So what happens to all these animals? Well, of the more than 30,000 captive animals, a few thousand are rescued by places like the Wild Animal Sanctuary in Keenesburg, Colorado. The 720 acres of rolling grasslands (with more room to grow) provides habitats for lions, bears, wolves, tigers, foxes, porcupines, ostriches, llamas, bobcats and more. Established in 1980, the Wild Animal Sanctuary has responded to nearly 1,000 requests from private citizens and government agencies to rescue animals from across the US and Mexico.
For these sadly and badly treated animals, the Wild Animal Sanctuary is their retirement home. Here they are rehabilitated and introduced into open fields where they are fed, cared for and allowed to live out the rest of their lives in peace. This non-profit organization is dedicated to saving, rehabilitating and educating.
When the animals are first brought into the sanctuary, they are almost all terrified of humans. They are treated, vaccinated and placed in large pens alone alongside other pens that fan out into a 360 circular opened-partitioned area. They aren’t cages, rather fenced in and each animal can see the other. Eventually, as the animals become socialized they are paired up. They remain paired up for some time and are introduced little by little into larger groups where they soon will live out the rest of their lives in open fields.
Observed from above
We’ve all noticed how tigers and other animals at zoos and circuses tend to pace in a single pattern over and over in their cages. This is due to them being territorial. With people at eye-level these large animals feel threatened and pace neurotically because of it. But at the Wild Animal Sanctuary, visitors observe the animals from above on 40-foot platforms where the animals psychologically don’t register threats. It’s an amazing experience to see such grand animals. And your heart goes out to them knowing that all of them came from an abused and neglected life at the hand of a person at a roadside stand, circus, magic act, traveling show in substandard situations, many boxed into tiny cages their entire life.
Come see for yourself. They are open for visitors all year round, daily, from 9am-4pm, except on major holidays and bad weather. During the summer, from Memorial Day to Labor Day they have extended hours from 9am-sunset. Here is more info on the Wild Animal Sanctuary.
There is one simple ritual that strikes fear into homeowners the most. It often goes unnoticed, as a seasonal event, one that seems innocuous at first, but can quickly cause even the most experienced to shiver with a cold chill. Quite simply, it is that first day in the fall when the thermostat is changed from cooling to heating. This simple act not only sets in motion preparations for winter and the fluctuations so common in Denver’s climate, but also highlights the current condition of the house.
Fortunately, as mature adults, we do not need to be afraid of old man winter and his snow and wind. There are several easy things you can do to hold back the cold and keep your living space warm and cozy all year round without constantly running your heater. These few simple tricks may even save you enough money to enjoy a few nights at your favorite restaurant or club.
Simple Steps to Warm Your Denver Home
Perhaps one of the easiest and most forgotten tricks is to use your ceiling fan. While it is fantastic to keep you cool on hot summer days, it also can help warm a room in the winter. Reverse the fan to move clockwise in the winter. This will push the warm air gathered at the ceiling to the spaces below. This is especially effective in rooms with tall ceilings.
Change your filters. Ok, this one is a no-brainer, but it is important to change your filters often during the winter. Not only does this cut down on dust and allergens from a closed house, but is also allows the furnace to work more efficiently, which enables it to heat the house at less cost.
Check around your windows for gaps. While many manufacturers will tempt you to replace your windows to save money, many times you just need to check the gaps around the windows to make sure air isn’t coming into the house. First make sure the windows close all the way. Having them open in the summer is great but it also allows dust and dirt to build up which can affect function.
Secondly on a cold day, light a candle (be careful) and hold it near the edge of the windows to see if any air is coming into the house. If it flickers or wavers you can use caulk to seal the problem areas. Another remedy is to pick up and install a relatively inexpensive plastic window kit. If there is a large amount of air seeping through you can also use insulation or expanding foam placed around the frame.
Here are some more inexpensive tips for prepping your home for winter:
Enjoy the Seasons in Denver
One of the best things about owning a home in the Denver area is the change of seasons. Winter is not a time of year to dread, but rather to enjoy. Getting your home ready is just part of living close to the mountains and enjoying a great way of life. If you are considering selling your home this winter, contact us to find the best way to warm up your house for a quick sale!
Cheers to a safe and festive holiday season! There is always so much to do this time of year, but we hope you can take time to enjoy a few of the wonderful things Denver has to offer in December.
Zoo Lights 2014 (December 5th - January 4th)
Come and experience a holiday light safari with more than 38 brilliantly-illuminated acres of lights, featuring more than 150 animated animal sculptures that swing through trees, jump across lawns, hide in bushes and appear in places where they're least expected. Get details here.
Parade of Lights (December 5th - 6th)
This spectacular Colorado tradition has been going on for nearly four decades! Come enjoy sparkling lights, marching bands, giant balloons, dazzling floats and so much more. Click here for all the details!
Southwest Rink at Skyline Park (Now - February 16th)
Take a spin on the ice in downtown Denver for free! Grab your family and friends and head to 16th and Arapahoe -- skate rentals are $2. Learn more here!
Disney on Ice (December 4th - 7th)
It's one colossal party on ice, with all your favorite Disney friends at the Pepsi Center in a magical medley of holidays, celebrations and festivities from around the globe. Buy tickets here.
Jingle Bell Run/Walk (December 14th)
This race for Arthritis is a fun and festive way to kick off your holidays by helping others! Wear a holiday themed costume and tie jingle bells to your shoelaces! Register for the race here.
BALLS! A Holiday Spectacular (December 8th and 15th)
Described as, "A rollicking variety show with flashy guest stars, audience sock puppet sing-alongs, spontaneous haikus, and a white elephant. Mostly heart-warming and entirely fun". Proceeds from the show go to a non-profit every year. Learn more about the show here.
How the Grinch Stole Christmas (December 17th - 28th)
Enjoy this family friendly show at the Buell Theatre! "Magnificent sets and costumes inspired by Dr. Seuss' original illustrations help transport audiences to the whimsical world of Whoville and helps remind us of the true meaning of the holiday season". Learn more here.
A Colorado Christmas (December 19th - 21st)
The Colorado Children's Chorale team up with the Colorado Symphony for four performances to fill the hall with the warm sounds of the holidays. You won't want to miss this Christmas spectacular. Learn more here.
Colorado Avalanche vs. Philadelphia Flyers (December 31st)
Tickets are on sale now for this New Year's Eve game hosted by the Avs! Click here for tickets.
New Year's Eve Fireworks (December 31st)
Ring in the New Year on the 16th Street Mall, and catch one of the two firework shows! Click here for information.
The best way to really understand our real estate market is to take the time to dig deep and look at the numbers. Whether you're a home owner wanting to understand how your biggest investment is doing, a renter thinking about taking the plunge into home ownership, or a real estate investor looking for your next opportunity, understanding the market data is critical. So, this month we are going to walk you through the Colorado Association of Realtors metro Denver quarterly snapshot, explaining each entry to help you make sense of our housing market.
There are five columns in the chart:
- Key Metric - self-explanatory
- Historical Sparkbars - the data from 2011 to the present
- Q3-2013 - the quarterly data from one year ago
- Q3-2014 - the most current quarterly data
- Percent Change - the yearly percentage difference
New Listings: -8.6 percent. The number of new listings continues to drop, leading to the extremely low inventory of housing in our market. Our supply/demand equation is somewhat out of whack with a huge number of buyers and very few sellers, which has led to our strong market and rising prices the past five years.
Pending/Under Contract: +1.5 percent. There is virtually no change in this number. About the same number of properties has gone under contract this year as last year, but with a lower inventory of homes on the market keeping the inventory of available homes low.
Sold Listings: -7.8 percent. This number surprises a lot of people. Everyone thinks we're having this massively crazy up market and lots and lots of homes must be selling, but in fact it's not true. Because our inventory is so low - close to the lowest inventory per capita ever in metro Denver - there just isn't a big selection of homes to buy. The result being that the number of homes sold is down, not up, and by a significant number.
Median Sales Price: +9.1 percent ($310,000). The median price is the middle price of all homes sold - not the average price. For example, if five homes were sold in an area at the following prices: $100,000, $200,000, $300,000, $800,000, and $900,000, the median priced home is $300,000, but the average priced home is $460,000. A 9.1 percent yearly price increase is strong, but not scary in our opinion. Over the past 40 years metro Denver home prices have increased on average 5.9 percent per year. 9.1 percent is significantly above average, a result of a lots demand for homes, not much supply, a strong employment market, a strong economy, etc. But it's not so high that it will lead to an unpleasant crash in prices, as is predicted in some of the cities currently rising at 15-17 percent per year. We're seeing price increases slow down a bit over the past several quarters which is healthy.
Average Sales Price: +7.2 percent ($366,099). When the Average Sales Price is below the Median Sales Price it means that the lower end of the market is doing somewhat better than the higher end of the market, and of course the opposite is true as well. The fact that both yearly percentage changes are relatively similar means the market is more or less consistent both above and below the average and mean prices.
Percentage of List Price Received: +0.1 percent (99.3 percent). A sign of a very strong market is when the final sales price compared to the list price is almost the same, as it currently is in our market. In a weak market buyers will try to lowball an offer and often get the property well below asking price, but in a market like ours, sellers are getting 99.3 percent of their asking price and that percentage is almost identical to what it was a year ago. This is another sign of a strong, healthy housing market.
Days on Market: -21.1 percent (30 DOM). A normal market of balanced supply and demand will have about 90 days on market (which is the same as six months of inventory in case you run across that number). A stronger market will have fewer days on market, and vice versa. Thirty days on market is incredibly low. It means demand is very high for housing and sellers are selling their homes in near record time. Furthermore, the 21.1 percent drop in DOM means that the demand has increased relative to the supply of homes in the past year, making homes even easier to sell now than they were a year ago. If you have been out looking at homes recently you'll know what we mean. More and more often we run into other folks looking at the property at the same time because there are so few properties on the market and the buyer demand continues to increase. Smart buyers have learned to act quickly to get the home they want, driving the DOM even lower.
Affordability Index: -6.8 percent. This index combines the metro Denver income trends with interest rates and local housing prices to calculate the proportion of local households that can afford the median priced house. The higher the Affordability Index the more affordable homes are. The Affordability Index was very low during the run up of prices that ended in 2007 when homes prices reached record highs. Homes were at all-time affordable highs during the downturn, peaking in 2011. Since then, prices have been increasing enough to lower the Affordability Index year-over-year, continuing with another 6.8% drop in the past 12 months. Buyers having been watching this number fall with dismay the past few years and we think this is one of the many reasons there is so much demand now; renters want to buy when homes are still relatively affordable as they are now (given ultra-low interest rates and strong wages) so we have yet more buyers jumping into the market.
Active Listings: -36.8 percent. The number of active listings has plummeted. In 2007 during the downturn we had over 31,000 homes on the market - a true buyer's market. Now it's the opposite. We had only 7,964 homes on the market at the time of this snapshot, an incredible plunge supporting our seller's market. If you've ever thought about selling, this is the type of market you'll want to sell in!
Months of Supply: -32.4 percent. Months of Supply is the corollary to Days on Market. The lower the Months of Supply, the lower the Days on Market. The 32.4 percent drop in the past year means our housing market continues to tighten as demand rises and supply falls pushing prices ever higher.
If you're reading this you probably have at least a passing interest in real estate. The more you learn the more likely you'll make the right decision when it's time to make a move. We spend time studying these figures and many others to try help you achieve your goals. Please feel free to contact us if you have any questions or there's anything we can help you with.
As many homes were lost to bad mortgage loans and lost jobs during the recession, owners moved into rentals. Now the renters market is saturated and prices are staggering as vacancies fall short of the demand. None felt it more than the residence forced to evacuate or who lost their homes during the floods of 2013.
According to a Fox31 article, in spite of the increasing numbers of rental units being constructed in the past couple of years, rentals are hard to come by. Between 2008 and 2012, only 2,700 apartment rental units were constructed in Boulder and Denver metro area, whereas last year there was the construction of 7,800 apartment units. Another 9,000 apartments are expected to be built.
The Changing Colorado Market
As higher-quality jobs increased in places like Fort Collins, who’s experiencing a huge growth, landlords see hire-wage employment as a sign to raise rents. According to the Colorado Division of Housing in a Denver Post article by Howard Pankratz, the average rents in Colorado hit a new high of $1,026 in the first quarter of 2014, up 8 percent from $950 in the first quarters of 2013 and 3.4 percent from $992 in the fourth quarter.
Pankratz also noted that in the Fort Collins / Loveland market, vacancy rates hit a 13-year low of 1.7 percent in the first quarter, compared with 5.2 statewide. The vacancy rate in Denver was at 5.1 percent with 6.7 percent in Colorado Springs; 5.3 percent in Grand Junction; 4.4 percent in Greeley; and 8.1 percent in Pueblo.
This has made a push in multifamily construction of apartment buildings across the bigger cities in Colorado, particularly in Denver and Colorado Springs. But as the job rate continues to grow, so will the purchases of houses which might ease the pressure on the vacancy rates across the state and lower the all-time high of rental rates in Colorado.
Colorado foreclosure filings went down to 31 percent in May. From January through May, according to the Division of Housing, foreclosure filings were down 25.3 percent in 2014 when compared to the same period last year. Foreclosure auction sales were down 40.3 percent over the same period.
If you’re trying to get out of the difficult renters market, talk to the New Era Group to buy a home that meets your needs and helps you reach your financial goals. Or try out our first in class search feature:
The beautiful gold, yellow and red colored leaves that glisten in the Mile High City sunshine this time of year is one of the wonderful features of Colorado’s colorful fall season. But, when rain, wind and even early season snow blow those glorious leaves from your yard’s trees, the changing of seasons can soon become a homeowner’s headache. To keep the beautiful fall colors from becoming more burdensome than enjoyable, try incorporating the following outdoor home maintenance tips into your routine this fall.
Add Fun to Your Yard Clean Up
Raking leaves can seem like a constant chore this time of year. But, if you sprinkle in some family fun as you form piles of leaves in your yard, the task can seem a little less daunting. Let your kids help with raking, encourage them to frolic in the piles while filling up garbage bags and use some of the leaves as part of your Thanksgiving decorations!
Trim Trees After Picking Up Leaves
After a full summer of abundant tree, plant and shrub growth, it’s important to cut back the vegetation in your yard after the leaves have been deposited. Trimming your trees in the fall can help promote healthier growth when spring rolls along and can help minimize losing branches during the winter months from heavy, wet snow pack accumulation.
Clean Gutters Lead to Less Winter Work
As multicolored leaves decorate your backyard in the fall, it’s easy to stay focused on removing the leaves occupying your outdoor landscape. But, when leaves above your home are blown off their branches, they typically take up residency above ground when they get caught in your roof’s gutter system. To promote unblocked water flow as snow melts and runs off your roof this winter, fall ‘tis the season to clean out your gutters. If you don’t have the proper equipment to do this outdoor task safely on your own, make sure to schedule an appointment with a gutter professional in your area.
Stay on Task Now to Open the Door to Free Time this Winter
Staying on top of fall outdoor maintenance now will leave more time this winter for family fun in the Colorado Rocky Mountain snow and can help eliminate possible outdoor home hassles as the holiday season approaches. But, if you’d rather leave outdoor maintenance and upkeep to someone else and you’re in the market for finding a new home with less yard work and responsibilities, give the Denver metro area real estate experts at New Era Group a call at 303-991-9878. We can sell your current maintenance-intensive home for top price and help you find your next forever home that meets your lifestyle needs and dreams. Maybe it is time to go for a condo filled with community amenities - see our post on this subject.
Reporting the market trends for the greater Denver area is a service we provide on a monthly basis. The data is interesting, but the story at a macro level continues to be one of a seller's market. Again, this month you can see above that inventory is down a full 20% from this same time last year, the days on market are down 20% and average sold price might end the year showing a double-digit increase.
These market conditions lead to questions such as: "How can we help buyers and investors find opportunities in this market?", and "When is the right time for a seller to take advantage of their rising property values?" One tool that is unique to our company that helps us provide guidance is the price change map that we produce quarterly. This map allows us to give you a clear sense of the current real estate trends in each neighborhood. This more micro level hyper-local data advises you on how to make a better decision whether you're buying, selling or investing. The map below is at too low a resolution to review online as it covers a large geography, however once you have a 36" X 18" hard copy of the map in-hand the information is indeed very interesting!
How Our Custom Tools Can Help
If we were to sit down to review the map together, here are some examples of what could be gleaned. First, pick a neighborhood that interests you, say City Park. During the past 12 months in City Park the average Days on Market (DOM) for a listed property was 20. There has been a 15% price increase in the past year, and the average sold price was $464,000. There were 23 sales in this time period, and currently there is only 1 Active property for sale, which equates to a .5 month supply. What does this tell us about City Park? It tells us that prices have been rising swiftly in the past year (low DOM and increasing prices) and the inventory is at rock bottom (only 1 Active property on the market!), which will help sellers in the neighborhood. With currently only a .5 month supply of homes for sale (6 months of supply is a balanced market) this is a red hot neighborhood. This example parallels the more macro level trends and a seller could expect top dollar at this time.
However, if we were to take a look at University, the DOM is 29 and there has been a 7% rise in home prices in the past year. The average sale price is $398,000 and in the previous 12 months there have been 149 sales. Currently there are 18 Active properties and there are 1.4 months of inventory. What this tells us is that University is a strong neighborhood with rising prices and low inventory, but not quite as strong as City Park and a buyer might find an opportunity.
Although the primary printed map we produce focus on Denver Metro, we can produce custom maps for the suburbs as well. Regardless as to where you wish to buy, sell or invest this tool provides a visual heat map as to where the market is hot, and where it might be a bit more temperate.
Give me a call and I'd be happy to sit down with you and review a full size copy of the Denver Metro area map or a custom map for your area of interest.