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Demand Skyrockets in the Heat of Summer

Denver Metro’s real estate market is hot. Following the boom of buying activity in the delayed spring market, consumers have continued to rapidly purchase properties despite the limited inventory of available listings. This surge in demand for homes has created an upward trend in both the number of properties sold and the average prices for many communities within the Denver Metro area.

Within the 58 neighborhoods that make up Denver Metro, the Downtown condominium market saw one of the most drastic increases in the number of units sold. Through June of this year, an impressive 211 condos were sold, a 245.9% difference from 2019 when 61 condos sold in the same time frame. Southmoor Park also experienced a boost of buying activity, increasing the number of sold homes from 21 properties through June of 2019 to 39 properties through June of 2020.

When looking at home prices, several neighborhoods experienced an uptick caused by increased demand. The highly coveted neighborhood of Cherry Hills Village saw an 11% rise in average home prices through June of this year compared to the same time period last year. As of Q2 in 2020, the average price for a home in this community costs $3,025,000.

To further illustrate the demand for Denver Metro homes, the average days on market for listings in the area has dropped by 3.4%, bringing the average days on market to just 28 days. Both single family homes and condos in Denver’s Cherry Creek North neighborhood have been moving off the market quickly. Homes in this community are staying on the market for 29.5% less time, lowering the average days on market to 55 days.

Consumers’ desire for Denver Metro real estate is setting the tone for the market and creating momentum for buyers and sellers that may carry over into the coming months. Learn more about how your neighborhood performed by viewing the full Mid-Year Micro Market Report.

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