Denver’s Best and Worst Neighborhoods for Appreciation – 2009

DenverAppreciationAfter burning up the slide-ruler and the graph-paper we’ve calculated the neighborhood appreciation numbers and we’re sticking with them!  A bit of explanation up front is only fair.

We identified forty-one major neighborhoods (listed here) in the Denver area, the ones that we thought would most interest you, and compared their average selling price for 2008 to 2009. Simple enough, right?  In addition neighborhoods with fewer than 25 home sales were not considered in the rankings, but their statistics are still available by clicking on them here.

The envelope please…  The top appreciating Denver neighborhood for 2009 is… Congress Park at 5.83% with an average price of $417,555 calculated from the sale of 116 homes.

In second and third place are Sloan’s Lake (5.38%) and Virginia Village (4.64%) respectively.  Sloan’s Lake averaged $308,993 with 141 homes sold, and Virginia Village averaged $242,956 with 132 homes sold.

Bringing up the rear for 2009 for greatest depreciation are Country Club (-24.36%), Greenwood Village (-26.98%), and Cherry Creek (-28.84%) which all hover around sale prices of $1 million. 

While we tend to think of real estate by neighborhoods, this year’s performance points out the importance of price-point.  So don’t despair 700 square-foot Cherry Creek shack dwellers, you probably made money this year!  To you Stapleton McMansion inhabitants the year was not as kind.

Compared to the rest of the country Denver performed admirably in 2009 as evident in the most recent Standard & Poor’s/Case-Shiller Home Price Index where Denver ranks number one.  And the market is only getting better as home inventory continues to drop in the metro area.  December inventory was down 16% as compared to 2008 December’s inventory.

If we did not list your neighborhood in our analysis, or you would like for us to create a market analysis for your home, just drop us a note or give us a call, and thank you for your continued support and referrals.

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