This East Tennessee Avenue property in Bonnie Brae was under contract even before hitting the market. It was listed at $3.1 million and received multiple offers. Photo courtesy of The Wolfe-Bouc Group.Even experienced real estate professionals like Ian Wolfe and Chris Bouc, who work frequently in Cherry Hills Village and Greenwood Village, find it remarkable that home prices have increased so notably versus the same time last year or January 2021. “Many buyers are looking for more space both inside and outside,” says Bouc. “Larger lots and homes that are turnkey are demanding a premium and getting it.”
Wolfe and Bouc tell us that buyers are looking for any advantage when competing for a home, including waiving inspections and appraisals. “Low inventory and high demand equates to a strong seller’s market,” says Wolfe. “We are seeing multiple offers on nearly every listing regardless of price point, but the lower the price the crazier the frenzy. This dynamic allows sellers to basically name their price and get their preferred timing and terms.”
He adds that another interesting outcome of the current market is that all of Denver’s historically desirable neighborhoods are commanding a similar price per square foot. “It used to be that Country Club or Wash Park justified $700+/foot,” he says. “Now, due to bidding wars and low inventory, nearly every in-town neighborhood commands a premium.”
The bottom line, they say, is to keep in mind the importance of working with an experienced Broker with a good reputation and a proven track record in this unprecedented market.
The Numbers
$158,237: Average increase in price since May 2020 for detached single-family homes
$75,809: Average increase in price since May 2020 for attached single-family homes
8: Average days on market for detached single family homes
$691,524: Average sales price in May 2021 (detached single-family)
$441,672: Average sales price in May 2021 (attached single-family)
