I agree with Doug Hutchins’ article from last week. Buyers cannot find what they want in many areas around Denver. Prices are rising and good homes are selling very quickly and at prices near or even above asking prices. Smart Sellers are putting their homes on the market NOW!
It’s not in the news yet but, almost overnight, many Denver neighborhoods and suburbs have changed from a Buyers to a Sellers Market.
Sellers in the Denver real estate market have become discouraged over the last 3 years. Prices have declined albeit not as much as most markets according to Case-Shiller which rates ours as the 3rd best nationally. Still, many Seller couldn’t sell their homes for what they wanted or needed so they took many homes off the market. Now, the inventory of homes for sale is at a 10 year low in Denver and prices are rising in many areas.
Previously, we discussed how prices were rising in some high-demand markets like Platte Park, Bonnie Brae and Washington Park. Those appreciating price ranges were less than $500,000. But, now areas like Cherry Hills Village are appreciating due to high demand and low inventory in price ranges up to $1,000,000.
All Cherry Hills Village Listings:
Active for Sale:
|Address||City||List Price||Listing Office|
|5991 S HAPPY CANYON||Cherry Hills Village||$775,000||CHARTERWEST CONSULTING LLC|
|3960 S DAHLIA St||Cherry Hills Village||$795,000||THE KENTWOOD COMPANY|
|3960 S Cherry St||Cherry Hills Village||$875,000||FULLER SOTHEBY’S INT’L REALTY|
|3701 S COLORADO Blvd||Cherry Hills Village||$900,000||THE KENTWOOD COMPANY|
|18 VIKING Dr||Cherry Hills Village||$900,000||THE KENTWOOD COMPANY|
|3 Sedgwick Dr||Cherry Hills Village||$950,000||COORS REAL ESTATE GROUP, LLC|
Under Contract in Previous 30 Days:
|4070 S DEXTER St||Cherry Hills Village||*||$849,500||*||THE KENTWOOD COMPANY|
|4021 S IVY Ln||Cherry Hills Village||$898,750||THE KENTWOOD COMPANY|
|4060 S CLERMONT St||Cherry Hills Village||$975,000||KENTWOOD CO AT CHERRY CREEK|
Sold and Closed in last 30 days:
|4041 S Birch St||..||Cherry Hills Village||…||$895,000||…||$848,000||…||DAN DAWKINS REAL ESTATE CO.|
|4400 E OXFORD Pl||..||Cherry Hills Village||…||$925,000||…||$875,000||…||THE KENTWOOD COMPANY|
Combining the those under-contract and those closed, 5 homes have “sold” in the last 2 months. Only six remain available for purchase. That means all of today’s inventory there would be completely sold in 2.5 months if no new homes come onto the market. So, 2.5 months is the absorption rate for all available homes for sale. Anything under 3 months is considered a Seller’s market.
That contrasts with absorption rates in Cherry Hills that have approached 15 months during the housing recession. So, at least in that price range in Cherry Hills, the recession is over.
My partner and daughter, Elizabeth is working with 3 couples looking in different neighborhoods including Greenwood Village, Littleton and Hilltop. Homes for sale in those areas priced under $600,000 are in short supply also. Her clients have been out-bid several times when new listings have come onto the market. Those sold almost immediately.
So, the Denver real estate market is heating up and it’s only February. Imagine the competition for good homes for sale when the traditional selling season blossoms this Spring. Most likely, it will be a hotter spring than usual and folks who want to sell at a good price finally will have their chance.
Are you curious what your home is worth in this Seller’s Market? Just fill-in the form below and I will tell you.