Sloan's Lake Area Market Update Summer 2022

As summer winds down, it’s clear that we’re experiencing a shifting market in Denver. In addition to the seasonal slow down that summer tends to bring, other contributing factors are the hike in interest rates, inflation, buyer fatigue and an overall economic slow down. We’re now seeing a reduction in showing activity, increased days on market and a major increase in available inventory.

When I ran the numbers in March of this year, we only had 46 active listings in 80211 and 80212; today, active inventory is up 202%, with 139 listings on the market. However, with the Spring’s rapid increase in prices, our average sale price has gone up; it was $792,600 in the Spring and $859,673 today, so around an 8% increase. At one point this summer, the average price in 80211 and 80212 surpassed $1M (!) so the fact that it has settled down is a welcomed change for buyers.

This shift means multiple offer situations are occurring less, price reductions are more common, and fewer offers are including waived contingencies. And buyers once again have a chance to negotiate on repairs during inspection or on a low appraisal. Bottom line: it’s still tough to be a buyer in northwest Denver, but slightly less than it was a few months ago. And while Sellers may not get 10 offers over asking price without contingencies, with the right listing prep, marketing and pricing strategy, they are still getting historically high prices for their homes.

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Stats for the Last 30 Days in 80211 + 80212

Active Listings: 139
Coming Soon Listings: 1
Pending Listings: 120
Closed in Last 30 Days: 108 (56 single family, 52 multi-family)
Number of Cash Transactions: 24 or 22% of all transactions
Withdrawn/Expired (last 30 days): 16
Average Sold Price: $859,673
Median Sold Price: $808,750
Average Ratio Close Price by List Price: 97% of List Price
Average PSF (Finished): $515
Average Days in MLS: 15
Number of Showings: 1,836
Avg Number of Showings per Listing: 7

The highest priced sale in the last month was 3909 Zenobia in Berkeley. This was a new farmhouse modern single family home, with 5 beds, 5 baths, almost 4,200 finished square feet and a 3 car detached garage. It was sold by Mary Noga of Compass after 37 days on market and one price reduction.

The lowest price sale in the last month was 3859 Winona Court. Sold for $376,000 this 560 square foot single family home in Berkeley sits on a 2,940 square foot lot. It was sold as-is in 5 days by Sarah Buch of Coldwell Banker Realty.

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