Sloan's Lake Area Market Update: Spring 2023

Super Bowl is over, President’s Day Weekend skiing is done, the weather is okay but not amazing enough to spend all day at a bar crawl. Kids are in school so what do we do? We look at houses. This is the Denver market’s Spring season. Sellers often spend their winter months prepping their houses and waiting for the buyers to come back around, and as predicted, they are out. The last few weeks have seen a pick up of showing activity, and the buttoned up listings in popular neighborhoods are getting multiple offers. It’s no 2022, but with fewer homes to sell than buyers looking, supply and demand is doing its thing.

 

One thing to consider in our low inventory market is the lack of options at different price brackets. The median and average prices of 80212 and 80211 tell some this story, but it’s also interesting to note that in the last 30 days, there were only SIX homes in the area sold under $500,000. If you’re a buyer with a $500,000 budget, this data helps you realize the scarcity of your search (and maybe, if you HAVE to move, makes you consider broadening beyond just the northwest Denver area). It’s also interesting to note that even for houses priced above the average sale price of $926,000, listings are still going for 97% of their list price. Basically, getting a “deal” is rare at any price point.

 

The highest priced sale this month was 2051 Perry Street, a new build (Work Shop) four doors down from the Lake. It sold for just over it’s asking price, to a cash buyer, at $2,300,000. It was listed by Jeff Plous with Hatch Realty. Interestingly, the highest priced attached home, 3403 Tejon Street, was also built by Denver builder, Work Shop. That home was listed for $1,499,000 by Catherine Dachel of Coldwell Banker and sold for $1,520,000. Buyer financing: once again, cash. With higher interest rates, we’re seeing an influx of cash in our market; this Spring, 20% of transactions used cash as compared to 18% last fall.

 

Want more data on the neighborhood? Are you trying to decide if moving in our 7% 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 Sloan’s Lake area!