Downtown as viewed from Denver’s Cherry Creek North. Photo: The ART QUARTERLY
Yes, location matters in real estate. Those with Denver homes for sale should recognize the forces at play this summer.
The Fed’s pause has set 30 year mortgage rates hovering at 7%. Denver’s average home price is just at $749,000 for detached homes. Neighborhood factors and the condition of the home are ultimately determining days on market. With 26 days to go under contract, staging and sprucing up the home is essential for timely sales. If in disrepair, the buyer remains discerning especially if the location is not right.
Unit 414 at Cherry Creek North’s The Laurel. Courtesy reColoardo/Eric Hyatt – Homesmart.
In Cherry Creek North, the area between 1st and 6th, Josephine and Colorado, there are 28 active homes to select from (80206 has 86 total options). The price range is $750,000 to $12,750,000. Comparatively, at the same time last year, there were approximately 100 homes to choose from in the 80206. As with other parts of Denver, the tight supply remains with potential sellers holding on to their homes with lower mortgages than available today. Life changes are the predominant reason for today’s sale vs those seeking bargains with foreclosures.
Should you be considering the move to Denver, make sure to reach MASONmodern for a complimentary analysis and comparative market update for your particular real estate objectives.
