Ups and downs are always a part of life… and markets. One ultimately follows the other, in either direction. Josh Behr relates current conditions that offer a bit of each, so while Denver experiences some slowdown, newcomers to the region continue with their demand for luxury homes. Behr states, “Similar to comparable markets across the country, Denver has experienced an increase in inventory stemming from the seasonal slowdown of the summer months and the increase in interest rates. These factors have served as a catalyst toward an increase in listing duration and a decrease in pending transactions.”
On the brighter side, he credits an incoming populace for keeping demand up for luxury properties. “From a design perspective, new construction or recently renovated homes remain in high demand for buyers, particularly in core areas like Cherry Creek, Highlands, Washington Park and Cherry Hills Village. With a strong influx of new residents coming from cities like Los Angeles, New York and San Francisco, modern architecture and high-end contemporary homes have continued to benefit from outsized demand.” Still there is continued interest in Denver’s classically styled homes. “These properties are often more traditional in finish and have quite a loyal following of dedicated buyers to that vernacular.”
July 2022 Median Sales
$778,518; a 44% increase from July 2019
July 2022 average sold price per square foot
45% higher than July 2019
A 20% year-over-year growth in rental rates has created opportunities for buyers
Currently, there is a stabilization of inventory levels balancing the market.