Sloan's Lake Area Market Update: Summer 2023

Summer is here, sort of.

More like June gloom is here. This rain sure is making things green around here, but I’m itching for real summer. Like, pool time, sun dresses and bbqs. Do you feel me!? The rain has seemed to slow the market a bit too, at least from what I’m seeing and hearing. The stats for 80211 and 80212 don’t exactly show that though. Days on market actually dropped from since March, from 36 days to 20. And the list to close ratio stayed the same, with listings closing for an average of 99% of their original list price. The number of active listings is up, however, making more competition for sellers and more option for buyers. Because our area remains a desirable place to live, we’re still seeing good market activity.
 
One stat that did change is the average close price, which dropped pretty significantly from the Spring. This tells me that some lower price point sales happened in the last 30 days to skew the average. And when I dive into the data, that’s exactly what happened. The lowest priced sale was $237,000 which is significantly lower than the Spring’s lowest priced sale. This sale was for a 320 square foot condo in Highland Park, which sold in June after being listed for 23 days.
 
The highest priced sale was 3475 W 35th Avenue in West Highland, a 5 bed, 4 bath custom home built by KLM. It was sold by Christian Thompson with Green Door Living for $2,100,000 on May 23rd after being on market for 20 days. The highest priced attached property was a townhome at 32nd and Vallejo, just down the way from Lady Jane and bartaco in LoHi. It sold for $1,780,000 after 100 days on market, and was double ended by Gwenivere Snyder (she represented both the Buyer and the Seller).
 
The average number of showings per listing dropped from 7 to 5, likely because there are more active listings for buyers to see. However, one change in our industry that may be skewing this data point, is an additional showing service called Broker Bay. Last month, Broker Bay reported 427 showings in 80211 and 80212. In the past, I’ve only used reports from the other major showing service, Showingtime. But as more agents use Broker Bay, I may need to tweak this metric. If we apply those additional Broker Bay showings, it may mean that the average number of showings per listing is about the same as it was in the Spring.
 
Want more data on the neighborhood? Are you trying to decide if moving in our 6.5% interest rate climate makes ANY sense? As always, I’m prepped and ready should you have questions or want to dive into buying, selling, or investing in the Northwest Denver area!
 
 

80211 + 80212 Market Stats

  • Active Listings: 164

  • Coming Soon Listings: 3

  • Pending Listings: 111

  • Closed in Last 30 Days: 102 (59 single family, 43 multi-family)

  • Number of Cash Transactions: 22 (or 22% of all transactions)

  • Withdrawn/Expired (last 30 days): 39

  • Average Sold Price: $879,543

  • Median Sold Price: $805,000

  • Average Ratio Close Price by List Price: 99% of List Price

  • Average PSF (Finished): $536

  • Average Days in MLS: 20

  • Number of Showings: 2,047

  • Average Number of Showings per Listing: 5


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