Denver Historic Neighborhoods Update – August, 2014
Inventory is down and sales are up in Denver historic neighborhoods. Although the price per square foot continues to inch higher, prices remain relatively stable over last quarter.
What’s Happening in Historic Denver Neighborhoods: Union Station
The long-awaited Union Station renovation is complete; it had its grand opening ceremony in July. Stop by to dine at one of the many vendors or take a peek at the Crawford Hotel. It’s like stepping back in time to the heyday of rail travel!
- Active Listings
There was a 13 percent decrease in the number of active listings this past quarter, down to 90 from 104 listings in February – April. To give a comparison, last year at this time, there were 246 active listings.
- Sold Homes
The number of sold homes jumped 52 percent this last quarter, from 31 to 47. With declining inventory, this represents impressive movement in Denver historic neighborhoods.
- Days on the Market
With more houses selling, the number of days on market (DOM) is shrinking in roughly equal proportion. The DOM for this past quarter was 41, less than half of the DOM in the previous quarter when the number was 88.
- Average Sales Price
The average sales price declined nine percent this past quarter, down to $863,602 from $950,144. However, this decrease is somewhat misleading, as the price per square foot in Denver historic neighborhoods continues to increase — up four percent from the previous quarter and 21 percent from May – July, 2013.
Interested in buying or selling in Denver Historic Neighborhoods?
I am an experienced real estate agent who can assist sellers in pricing their home to take advantage of this seller’s market. I can also help buyers navigate this challenging market, assisting them in making a competitive offer and giving expert advice about all aspects of the buying process.
Contact Pat Ayers for advice or a consultation:
Denver Historic Neighborhoods