While home sales across the United States appear to be entering a bit of a sputter, home sales in metro-Denver remain as hot as ever, continuing a sparkling six-year run of positive market growth that has seen annual home price appreciation top nearly 40 percent thus far in 2019.
There are a variety of factors that have stabilized high sales trends, a bit of a surprise due to the fact that the greater Denver region has received almost twice as much snowfall this year as in 2018 —usually a harbinger for slow real estate movement. Price gains were a significant factor in market gains, yet the volume of sales and the shortened number of days Denver residential properties stay on on the market were also a factor. Higher mortgage rates and the limited inventory of homes for sale in the region are also believed to be contributing factors.
What continues to make homes in the Denver metro region so popular with buyers? Many newly renovated Denver neighborhoods have begun to appeal to the upscale family set. Thanks to wider roads and larger home lots with more square footage, homes across Denver have much to offer young families who are more interested in choosing a neighborhood that is ideal for raising a family. Many buyers are for single-child families whose new additions have required an upgrade and expansion of home space.
Some younger professionals and new to the market developers who made well-timed purchases in the city’s older neighborhoods are offering larger four- and -five-bedroom homes in the Denver suburbs that have been remodeled. Investors, too, are actively selling to take advantage of the growing market, notably a large section of rehabilitated homes that were constructed as early as 1960 and have been restored to meet modern standards for efficiency and technological capability.
Remodelers and contractors have also taken advantage of rehabilitation of smaller ranch-style homes, some with basements, some without. Many of these properties were purchased in various states of disrepair due to neglect or heavy wear as rentals throughout the 1990s and early 2000s. But a transformation of these neighborhoods is already well under under way. The blocks to the east of Peoria Street have attracted medical residents, interns, nurses and other healthcare workers who are enjoying reasonable entry-level home prices and the ability to commute to work —particularly in inclimate weather.
Looking for a Denver-area realtor to help navigate the ever-changing Colorado residential real estate market? When you work with the friendly team here at Elevation Reality, you can align your sale or purchase with us with the confidence of knowing that our team prides itself in the ability to stay up to date on all the latest Denver real estate trends
—and utilizes that knowledge to remain a critical asset for each of our clients. Contact us today to learn more.