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Denver Real Estate Market ConditionsWhile the national real estate market may be suffering some setbacks, in Denver there are still some pockets which are quite strong. Those areas include the Denver Country Club, Washington Park as well as the south metro Denver area. Areas close to the foothills have remained strong while luxury homes in Denver have also proved to be a safe investment as well. Upcoming neighborhoods in Denver as well as the surrounding areas are a good buy if you are considering moving to the area. These areas are particular a good idea to consider if your goal in buying is appreciation in property values over time. Properties in Stapleton and Lowery are good options to consider. Overall the real estate market in Denver has been quite interesting. Boutique neighborhoods are continuing to see sales which are rather fast, especially when compared to nationwide sales. Luxury homes are also continuing to sell well. If you are interested in investing in the area, anything in the University Hills area is a good choice. In Highlands Ranch, buyers will generally find an inventory of 200 or more homes for sale at any given time. Homes in this area have continued to hold their value in spite of depreciating prices elsewhere. Young families tend to prize this area as the local covenants assure the area remains safe and conservative. For the most part, buyers will find that they are able to purchase a home for slightly less than the list price, usually around 93%. This is up from just a few months ago when homes were selling on average for around 83% of the list price. Much of that trend was attributed to the unusually harsh winter the region suffered. By summer of this year, prices had edged up somewhat. That said, homes in areas which are highly in demand, often sell for at least the listing price and sometimes more. On average homes in the area are remaining on the market for approximately 90 days. Apartments for rent in Denver are also in high demand. The rental occupancy remains high as well as the rental rates. Single family home prices have actually edged up by almost one percent in the last few months. Condos have not fared as well, with the median price dropping nearly 3.5%. Overall prices on homes in Denver neighborhoods which tend to be higher priced have not been as negatively impacted as in lower priced neighborhoods by the tightening national mortgage market. Compared to the national real estate market, Denver real estate prices have not experienced as severe a drop and in many cases prices have even experienced a significant appreciation. The cost of living in Denver, which is lower than many other areas, makes the region quite attractive for many newcomers. On average, it costs a whopping 40% less to live in Denver than it does to live on the West Coast and 50% less than living in New York City. |
