Nostalgic Homes Real Estate Newsletter NH Newsletter Spring 2017 | Page 5

Spring
2017
Page 5
National and Local Real Estate Update:
The Nation, Denver, Northwest Denver and Wheat Ridge
By Corey Wadley~Broker/Owner, Nostalgic Homes
National Overview:
With pedestrian-friendly retail sectors such as the Tennyson Arts
And so the trend continues… not enough housing inventory to meet District, Highlands Square, and the burgeoning redevelopment of St.
buyer needs.
Anthony’s Hospital at Sloan’s Lake, more parks and lakes than other
parts of Denver, abundant freeway access, and located just minutes
According to the National Association of Realtors®, pending home
from downtown, Northwest Denver ranks as a top pick for today’s
sales rebounded sharply in February to their highest level in nearly a
buyer.
year and second-highest level in over a decade. All major regions saw a
notable hike in contract activity. NAR Chief Economist Lawrence Yun Wheat Ridge Sales Still Strong, But Gains Stay Surprisingly
stated, “Looking ahead, with demand holding steady and supply levels Reasonable:
still far from sufficient, the market for entry-level and mid-priced
homes will likely continue to be the most competitive heading into the 132 units were listed and 97 units sold in Wheat Ridge in the 1st Quarter
of 2017 at a median sales price of $371,500. 132 units were also listed
summer months.”
at the same time last year with 89 units sold, showing a median price
Metro Denver Continues To Be Stricken With High Demand And gain of 5.3% from last year’s number $352,750.
Low Housing Inventory:
As of the date of this publication, recolorado.com reports that there
For the 1st Quarter of 2017, recolorado.com reports that there were are 92 homes listed in Wheat Ridge, of which 38 are available for sale
2604 homes sold in the City and County of Denver, up only 1.1% over at a median list price of $487,450. The remaining 54 homes are under
Q1 2016. There were 3642 new listings, up 5.6% from Q1 2016, but contract. Since April 1st Wheat Ridge Sellers have received an
even with the slight increase in housing inventory, the median sales average of 100.5% of their list price and contracted at a median of 4
price in Metro Denver increased by 8.6% to $374,250.
days after coming to market.
It’s no secret that Denver’s population continues to grow at an alarming
rate. Its growth has for some time outpaced its ability to build homes
for its newcomers, and those current residents who, at some point,
either come of an age, or otherwise decide to live independently.
As of publication, there are 2932 homes listed on recolorado.com in
the City and County of Denver, of which 1247 are available for sale
with a median list price of $575,000. The remaining 1686 listings are
under contract. Metro Denver Sellers since April 1st are receiving
an average of 101.1% of their ask price and contracting in a median
of 6 days after coming to market.
Generally larger, more affordable homes on bigger lots, quality schools,
as well as the growing popularity of “Ridge at 38” and the other close-
by attractions at Sloan’s Lake, Tennyson St, Highlands Square, and
Edgewater continue to have a big impact on buyer’s attraction to
Wheat Ridge.
Looking Ahead
According to a 2015 analysis made by Denver.org, Metro Denver has
a population of more than 2.9 million people, and has a growth rate
that has consistently outpaced the national rate every decade since the
1930’s. By 2020, Metro Denver’s population is anticipated to increase
What is drawing in new residents to Denver? The seemingly unlimited to more than 3.3 million, and 3.9 million by 2030.
recreational possibilities, diverse economy, strong job availability,
endless dining and nightlife, and reasonable cost of housing compared With an anticipated growth rate of Denver Metro at 2.76%, or 80,000
to many other popular metropolitan areas are but a few of the reasons people per year over the next 5 years, prices will undoubtedly continue
that Metro Denver’s population, according to Denver.org, is anticipated a measure of strong upward momentum. As challenging as today’s
housing market is, waiting to purchase will likely prove to be a very
to grow to 3.9 million by 2030.
costly mistake.
The Grip Tightens In Northwest Denver aka The Highlands:
Multiple offer situations are very much part of the current buying
Recolorado.com reports that there were 554 units listed and 357 units environment, and in entry and mid-level price points, there doesn’t
sold in Northwest Denver (the area many these days refer to as The seem to be any relief for early Spring buyers. If you are a buyer entering
Highlands) in the 1st Quarter of 2017 at a median sales price of the market, you need an experienced Neighborhood Realtor who
$516,926. In the same time period in 2016, 505 new listings came knows how to successfully win in an incredibly competitive market
to market, and 350 sold at a median sales p rice of $450,000. For place.
roughly the same number of new listings and sales, escalating demand
If you are a Seller, and been waiting for just the right time to list your
generated a whopping 14.9% gain in median sales price.
home, there is no reason to wait any further. While rates remain low,
As of the date of this publication, recolorado.com reports that there so has the available inventory, and your home has its best chance of
are 557 homes listed in Northwest Denver, of which less than half, selling in what is now a superb seller’s market! How do you begin the
or 261, are available for sale at a median list price of $590,000. The process? Invite Nostalgic Homes over for a free market analysis!
remaining 296 homes are under contract. Since April 1st Sellers in
Call 303.455.5535, click www.nostalgichomes.com, or come in!
The Highlands are receiving an average of 100.3% of their ask price
Nostalgic Homes has been your
and contracting in a median of 5 days after coming to market.
Neighborhood
Real Estate Expert Since 1985
*Source: RE Colorado