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Once Hot Denver Neighborhoods Seeing A Cool Down
Industry experts are noting a significant change in metro Denver’s housing market this year, with some of the most highly sought after areas taking a dive in home sales.
Lowry, for example, was once the metro area’s second hottest market for price appreciation a year ago. It’s now dead last, according to a ranking of 90 metro ZIP codes from the Denver Metro Association of Realtors (DMAR).
In Lowry, the median price of a home sold rose 58.8 percent in the first quarter of 2018 to $675,000, only to drop 23.7 percent in the same period this year. The sales volume went from a 33 percent gain last year to an 11 percent drop this year.
Listings took an average of 65 days to sell in the first quarter, compared to 58 days a year ago and only 21 days back in early 2017
According to DMAR, Lowry’s plunge wasn’t the only one. Hampden South and north DTC went from first to 44th after a 67 percent gain turned into a 3 percent increase. Greenwood Village dropped from 6th last year, with a 28.2 percent gain, to 89th this year with an 18.3 percent decline.
Valverde, Baker and Athmar Park went from 4th to 88th after a 38 percent gain last year evaporated into a 12.5 percent decrease this year. Alamo Placita/Cheeseman Park/City Park West saw what was a 19.5 percent gain degrades into a 12.4 percent decline. That pushed the area’s ranking from 11th last year to 87th this year.
Price declines are becoming much more widespread. A year ago, seven Denver area ZIP codes failed to register annual home price increases in the first quarter, according to the DMAR data. This year, 26 lost value in the first quarter.
In February, for the first time since 2012, the median price of a home sold in metro Denver decreased on an annual basis. The drop was small, just 2.18 percent, and gains returned in March as lower interest rates brought out more buyers.
Fifty metros now have a market momentum moving in favor of buyers over sellers, versus only five metros a year ago, according to the real estate portal Trulia. It’s worth noting, however, that momentum moving in favor of buyers isn’t the same thing as a buyer’s market. It’s a bit premature to say Denver is now a buyer’s market, but the train is moving in that direction.
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