Every quarter we bring you the latest Denver Metro Price Change Map, created and developed by our company. Its purpose is to give you a clear sense of current real estate trends in each metro Denver neighborhood. The map gives us a unique look inside each neighborhood and shows us what the real estate market looks like at a hyper-local level, giving you a better understanding of market trends in specific neighborhoods whether you’re a buyer, seller, or investor!
To read the map, pick a neighborhood that interests you. We’ll use Wash Park West as an example using the Central map below. In Wash Park West the first statistic (PxChg) shows there has been a 16 percent price increase in the past year, with the average sold price being $673,000. The next stat shows there were 111 sales (SLD) in this time period leaving only 14 active (ACTV) properties for sale. The last stat shows there are only 1.5 Months of Inventory (MOI) currently in this neighborhood (6 months of supply is a balanced market). So, what do these numbers tell us overall? They tell us that prices in Wash Park West have been rising in the past year due to extremely low inventory and that this is a hot neighborhood!
Let’s look at another neighborhood using the same map from above. 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.
Try it out on your own neighborhood and see what you find! 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 any questions you have.
I’d like to take a moment and say thank you for giving me the opportunity to work with you. Every client is special to me and it’s a pleasure and a privilege to serve your real estate needs. Please always feel free to contact me if you have any questions or thoughts about the real estate market. I love to talk about it!