Nostalgic Homes Real Estate Newsletter Fall 2017 Newsletter | Page 5

Fall
2017
Page 5
National and Local Real Estate Update:
The Nation, Denver, Northwest Denver and Wheat Ridge
National Overview:
By Corey Wadley~Broker/Owner, Nostalgic Homes
Wheat Ridge Overview:
According to the National Association of Realtors®, the median
existing-home price for all housing types in September was
$245,100, up 4.2 percent from September 2016. September s price
increase marks the 67th straight month of year-over-year gains.
501 units were listed and 381 units sold in Wheat Ridge in the fi rst
3 Qtrs of 2017 at a median sales price of $384,500. 483 units
were listed within the same time period last year with 380 units sold,
showing a median price increase of 6.8% from last year s number
$360,000. An ever so slight gain in inventory did not equate to more
A 4.2% gain doesn t seem extraordinary by today s standards, so could sales, but prices still showed a marked rise.
it mark an easing in home prices? NAR Chief Economist, Lawrence Yun,
is hopeful, but not certain. A continuation of last month s alleviating As of October 25th, 2017, REColorado.com reports that there are
price growth… would improve aff ordability conditions and be good 113 homes listed in Wheat Ridge, of which 55 are available for sale
news for the would-be buyers who have been held back... According at a median list price of $487,450. The remaining 58 homes are
to NAR, housing inventory at the end of September rose 1.6 percent under contract. Since October 1st, 2017 Wheat Ridge Sellers have
to 1.90 million existing homes available, but still remains 6.4 percent received an average of 100.3% of their list price and contracted in
lower than a year ago and has fallen year-over-year for 28 consecutive a median of 8 days in market.
months.
Generally larger, more aff ordable homes on bigger lots, quality schools,
as well as the growing popularity of Ridge at 38 and other close-by
Denver Overview:
attractions at Sloan s Lake, Tennyson, Highlands Square, and Edgewater
For the fi rst 3 Qtrs of 2017, REColorado.com reports that there were continue to have a big impact on buyer s attraction to Wheat Ridge.
9895 homes sold in Denver, down 1.2% from 2016. There have been
12,773 new listings, down 1.9%. Continued demand and decreased Looking Ahead:
housing inventory resulted in a 9.0% increase in the median sales
price to $398,000.
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
As of October 25th, 2017, there are 3261 homes listed on REColorado. that has consistently outpaced the national rate every decade since the
com in Denver, of which 1672 are available for sale with a median list 1930 s. By 2020, Metro Denver s population is anticipated to increase
price of $530,000. The remaining 1589 are under contract. Denver to more than 3.3 million, and 3.9 million by 2030.
Sellers since October 1st have received an average of 99.2% of their
fi nal ask price and contracted in a median 12 days.
According to a March 28th, 2017 article in the Denver Post, in July
of 2016, the City and County of Denver s population stood at an
What is drawing in new residents to Denver? The seemingly unlimited estimated 693,060 residents, up 1.9 percent ̶ a rate that dipped
recreational possibilities, diverse market economy, strong job below 2 percent for the fi rst time in this decade. Most of its population
availability (unemployment was at 2.4% in July), endless dining and increase again was attributable to newcomers.
nightlife, and a reasonable cost of housing compared to many other
popular metropolitan areas are but some of the reasons.
With an anticipated growth rate of Denver Metro at 2.76%, or 80,000
people per year over the next 5 years, prices will undoubtedly continue
Northwest Denver (Highlands) Overview:
a measure of strong upward momentum. Waiting to purchase will
likely prove to be a very costly mistake.
REColorado.com reports that there were 1834 units listed and 1378
units sold in Northwest Denver (the area many these days refer to Multiple off ers are very much part of the current buying environment,
generally as The Highlands) for the fi rst 3 Qtrs of 2017 at a median and at entry and mid-level price points, there doesn t seem to be any
sales price of $510,000. For the same time period in 2016, 1917 relief in sight. If you are a buyer entering the market, you need an
new listings came to market, and 1351 homes sold at a median sales experienced Realtor who is ingrained in the neighborhood and knows
how to successfully win in an incredibly competitive market place.
price of $469,631, an 8.6% gain in median sales price.
As of October 25th, 2017, REColorado.com reports that there are 521
homes listed in Northwest Denver, of which 303 are available for sale
at a median list price of $590,000. The remaining 218 homes are
under contract. Since October 1st, Sellers in Northwest Denver
are receiving an average of 99.7% of their fi nal ask price and
contracting in a median of 11 days in market.
With popular pedestrian-friendly retail/arts sectors such as the
Tennyson Arts District, Highlands Square, and the redevelopment
of St. Anthony s Hospital at Sloan s Lake, more parks and lakes than
other quadrants of Denver, a wealth of charismatic neighborhoods
such as the all new Packard s Hill Historic District, easy access to the
m ountains and downtown, Northwest Denver continues to rank as a
top pick for the 2017 buyer.
If you are a Seller considering a move, there is no reason to wait any
further. While your home s value will likely continue to grow, so
will the homes you are considering. Rates will go up at some point,
perhaps as early as December, and even a 1% change in interest rate
could greatly hinder your buying power for your next purchase.
How do you begin the process?
Invite Nostalgic Homes over for a free market analysis!
Sellers: Invite Nostalgic Homes over for a Free No Obligation Market
Analysis! We ll show you how to maximize your dollar!
Buyers: Reach out and allow a Nostalgic Homes Broker show you how
to purchase your dream home! We make dreams come true every
day!
Your Neighborhood Real Estate Expert Since 1985 | Call 303.455.5535, Click www.nostalgichomes.com, or Come In!
*Source: RE Colorado