Here’s your October Real Estate News
Every quarter I am proud to bring you the latest Denver Metro Price Change Map which you will find inside this issue. This tool is created and developed by Your Castle Real Estate to give you a clear sense of current real estate trends in each metro Denver neighborhood. For the first time, we can look inside each neighborhood and see what the real estate market looks like at a hyper-local level so you can make a better decision whether you’re buying, selling or investing. Please take a moment to review one of the maps; I think you will find them very interesting!
Here’s how to read the map. Pick a neighborhood that interests you, say Wash Park West (on the Central map). In Wash Park West, there has been a 16 percent price increase in the past year, and the average sold price was $673,000. There were 111 sales in this time period, and currently, there are only 14 active properties for sale. There are only 1.5 Months of Inventory (MOI). What does this tell us about Wash Park West? It tells us that prices have been rising in the past year due to low Days On Market (DOM) and increasing prices, and the inventory is very low which favors sellers. With only 1.5 MOI (6 months of supply is a balanced market) this is a hot neighborhood.
Let’s look at another neighborhood. In City Park West there has been a 9 percent rise in home prices in the past year. The average sale price is $643,000 and during the previous 12 months, there have been 25 sales. Currently, there are 5 active properties and 2.5 MOI. What this tells us is that City Park West is doing well but isn’t quite as strong as Wash Park West.
Look for your neighborhood and hopefully, you find this tool helpful. Give me a call and I’d be happy to sit down with you with a full size 36” X 18” copy of the map so we can review it together and I can answer all your questions.