Denver’s Luxury Market Making a Comeback
Denver’s luxury market is making a come-back! All seven denver luxury neighborhoods, those with a median price of $600,000 or more, are appreciating:
Denver Luxury Neighborhoods (12 Month Comparison)
|Cherry Hills Village||$1,193,300||8.3%|
|University / Observatory Park||$603,000||13.8%|
As you know from our previous emails, home inventory in Denver is tight, and demand is strong. As a result we are seeing an increase in prices — about 3.5% overall for central Denver. That’s great news; however, the increase has not been shared equally among the 48 neighborhoods that the Cramer Group tracks (see the complete report). In fact, 16 of those 48 neighborhoods, or 33%, have lower median prices than they had 12 months ago — they are depreciating.
What is quite surprising is that none of the seven luxury neighborhoods listed above were among the 16 in the red. The luxury market was hit hardest in Denver during the economic downturn, so we see this as another positive sign that our market is recovering. Another positive sign: the 33% depreciating market is down from 52% last January!
If you or someone you know is thinking about buying or selling a home, we would be honored to hear from you. Thank you for your continued support and referrals. Please feel free to pass this email on, or repost to your facebook page.