SOUTHEAST DENVER Housing Report. The Denver housing market hasn't stabilized yet. After rising for five straight months, the average price of a home in the Denver dropped last month.
SINGLE FAMILY HOMES - Despite many signs of improvement, the market may not yet have hit bottom. The average number of days it takes to sell a southeast Denver home remained stable at 112 days. But the average sales price dropped 8.9% last month to $424,200, and the absorption rate - defined as the number of months it would take to completely sell the current inventory of homes, if no additional homes came on the market - increased 28.8% to 6.7 months.
CONDO/TOWNHOMES - The average sales price for a condo/townhome rose 3.1% to $174,163, and the average number of days on the market fell 4% to 92 days. But the absorption rate increased 20% to 7.1 months.
BOTTOM LINE: It's a still great time to buy - particularly with interest rates so low.
Sellers need to be realistic about pricing their homes - prices aren't as high as they were in 2006. But if a seller's goal is to buy a larger home, this market is filled with opportunity.
Please feel free to contact us at 303-770-1977 or mail@robertandjani.com.
Robert & Jani
ZIP Codes: 80203, 80206, 80209, 80210, 80218, 80220, 80222, 80224, 80230, 80231, 80237, 80246, 80247 Approximate Location Boundaries: Section of Denver that lies south of Colfax and east of Broadway
Location Characteristics: Denver's southeast neighborhoods have always been viewed as highly desirable places to live. These neighborhoods are conveniently located between to two major employment hubs - Downtown and the more suburban Denver Tech Center - which are connected by light rail and I-25. Southeast Denver has an abundance of parks, bike trails and public golf courses - such as Cheesman Park, Washington Park, the Denver Botanic Gardens, Bible Park, Cook Park, Southmoor Park, Harvard Gulch Park, the Cherry Creek Bike Trail, the Highline Canal Bike Trail, Mira Vista Golf Course, Kennedy Golf Course, Wellshire Golf Course, and many more. The world famous Cherry Creek Shopping Center also lies within this quadrant of the city.
