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Sloan's Lake Area Market Update: Summer 2024

The Denver real estate market experienced a sudden increase in the number of houses for sale this summer, giving buyers more options than they've had in ten years. This increased inventory, matched with hesitant buyers and higher interest rates, have led to significant shifts in market dynamics. After a busy Spring, we saw an early retraction this summer, with a decrease in average showings per property, a decrease in the odds of selling and an increase in the number- and size- of price reductions. The Sloan's Lake area had similar market stats, with showings down 15%, a whopping 112% increase in the number of homes for sale and the average sale price down 4% since the Spring. One curious difference from the Spring is the number of days on market. In 80212 and 80211, the days on market decreased by 36%. We're also seeing creative buyer financing right now, with several private or seller financed transactions and several investor exchanges in the area.

In the Sloan's Lake area, the highest priced sale this month was 4609 Decatur Street in Sunnyside, a semi-custom home with a carriage house. It sold for $2,160,000 after 101 days on market and two price drops (it was originally listed for $2.5M). It was listed by McKinze Casey with LIV Sotheby's. The highest priced attached home was 4132 Vrain Street, a new construction half duplex in Berkeley. It sold for $1,400,000 after just 4 days on market through a cash transaction. It was listed by Tara Farrester with MODUS Real Estate.

Want more data on the neighborhood? Are you trying to decide if moving right now makes sense? As always, I’m prepped and ready should you have questions or want to dive into buying, selling, or investing in the Sloan’s Lake area!

 

80211 + 80212 Market Stats

  • Active Listings: 320 (up 112% since Spring)
  • Coming Soon Listings: 1
  • Pending Listings: 91 
  • Closed in Last 30 Days: 85 (72 single family, 13 multi-family)
  • Number of Cash Transactions: 12 (or 14% of all transactions)
  • Withdrawn/Expired (last 30 days): 19
  • Average Sold Price: $877,728 (down 4% since the Spring)
  • Median Sold Price: $810,000
  • Average Ratio Close Price by List Price: 95% of List Price
  • Average PSF (Finished): $498
  • Average Days on Market: 34 (down 36% since Spring)
  • Number of Showings: 1,800 (down 15% since Spring)
  • Average Number of Showings per Listing: 4

Source: ReColorado // Stats based on 7/18/24-8/17/24 for all listings in 80211 + 80212


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