Centretech and City Center North in Aurora have just been the “best neighborhoods” for likely home price appreciation in 2017. That’s because they are still affordable and buyer demand is forecast to increase due to jobs and amenities there.
As I show and sell homes in Aurora’s various neighborhoods, my clients are constantly asking me which neighborhoods are the best. That’s a tough question. There are huge differences in schools, crime, convenience and neighborhood quality throughout Aurora. But, some folks just want to know which neighborhoods are most affordable and offer the best investments in terms of future price appreciation.
Centretech and City Center North
Recently, Zillow predicted the hottest neighborhoods for price appreciation in Aurora in 2017 would be City Center North. Because they project an 8.8% forecast home value growth. Secondly, Zillow projects Centretech will have 8.7% forecast home value growth.
Centretech and City Center North are right next to each other running from Sixth Avenue to Alameda and east from Interstate 25. So far, they are relatively undiscovered. But, the new light rail and even more jobs at nearby Anshutz Medical Campus are likely to increase demand for homes there.
In fact, Zillow said these neighborhoods would top the entire Denver metro area also in first and second place! Wow, how does that sound? I’d assume it sounds great from the seller side of the table. But from the buyer side of the table, it may be concerning.
Aurora Colorado Homes
Let’s look into this with more detail. The real estate markets in Aurora and most of the Denver metro have been on fire for years now. And, there’s no sign of slowing anytime soon. We have a great place to live, great lifestyle, diverse industries, low unemployment, and not enough homes for our population. The supply-demand model says that prices will trend upward due to lack of homes. That’s no different in Aurora. Here are some quick statistics.
- Prices grew on average 9% in 2016. The mix of homes shifted to higher priced properties because there is a lack of smaller homes. Smaller homes appreciated more than 9%.
- The number of months of inventory has dwindled to less than a 1 month supply
- We are selling everything that comes on the market right away
Inventory levels are especially low for the smaller 50% of homes, So, while it’s difficult to buy, do it now if you can. It could be worse the further we go into 2017. There isn’t much relief in sight for homes priced under $350K.
So, what about Aurora’s Centretech and City Center North? These are two neighboring areas of Aurora East and they are adjacent to the I-225 beltway. I think these neighborhoods are appealing because of the location near the highway and Denver International Airport. Plus, there are many employers nearby. And, the homes are affordable. Nearby amenities include shopping, the Highline Canal Trail, RTD’s new light rail & the massive Anschutz Medical campus.
While you can see there isn’t much inventory for sale, the affordability is pretty good. Because of the things I mentioned, I believe these two areas of Aurora are in line with good home value growth in 2017. Overall, Aurora appreciated 11% in 2016, and I can see similar increases this year.
Also, Delaney Farm is located right in the middle of City Center North & Centretech!
If you’re in the market to buy or thinking of buying, sooner than later is the name of game. It may take longer than you expect. Prices will likely increase this year. And although rates are currently stable, they could go up at any time. That could really the affordability of these areas.