We’ve compiled the latest stats on the metro Denver real estate market with all activity through the end of August.
And yes … it is pretty much the same story as we’ve had for the last 18 to 24 months. Prices are up at double-digit rates. More deals are happening. The only slight deviation is that inventory is climbing and is higher right now than it was a year ago.
You can see details by clicking on the 1-page reports at the end of this post. They give you the latest snapshot of metro Denver market trends broken out between single family and multi-family homes.
We wondered, however, what was happening on a more local level? We analyzed 103 zip codes that make up the majority of the metro area and looked at average prices and price appreciation for single family homes.
The average appreciation over the time frame we analyzed* was 11.16% for metro Denver as a whole with the average price at $386,245.
Interestingly, 66 or the 103 zip codes showed greater appreciation than the metro Denver average. Two out of every three zip codes are doing better than the market as a whole!
Here are the top 10 zip codes based on rate of appreciation:
Half of these zip codes are in north and west sections of Denver or Aurora with average sale prices substantially below metro Denver averages. These areas were harder hit during the downturn and are rebounding more strongly. There is probably substantial fix and flip and investor activity in these areas.
Outlying areas like Byers and Bennett may be attracting people that work in Denver but are willing to go farther out to get housing that is more affordable. The average house price in those communities is close to $100k less than the average price in metro Denver.
More expensive areas like Sedalia and zip code 80246, which includes parts of Hilltop, can show high appreciation rates.
Those high appreciation rates in upper price ranges are a 50/50 proposition. Of the ten most expensive zip codes in metro Denver, half are doing worse than the average. The worst performing of these areas is Cherry Hills Village (zip code 80113), with just 3.38% average appreciation. This puts it 6th from the bottom on the list 103 zip codes we analyzed.
What does it all mean for you? All CHR agents have access to this zip code data and it is updated monthly. They use this information when helping buyers identify areas where they want to be and to help sellers understand how their area may be doing better or worse than the market as a whole.
*Stats for zip codes include all sales of single family homes handled by real estate agents through the Metrolist MLS system. We compared the twelve-month period from September 2014 through August 2015 to the twelve month period from September 2013 through August 2014 to derive average sale prices and average appreciation rates. Data is deemed reliable but not guaranteed.