Sloan's Lake Area Market Update: Fall 2022

As the Temperature Cools, So Does Our Market.

This fall, the market has been impacted by rising interest rates and inflation. Sure, it’s partially seasonal, but it feels harsh compared to the last few years, when Denver real estate was hot all year round. But these higher interest rates have really made buyers hit pause, and I get it. For most borrowers, an increase in monthly payment will significantly impact their buying power, making it harder to swallow Denver’s steep prices. While we’re seeing slight decreases in price (the average price was down 1.4% in the Denver market this month) affordability has not come down enough to account for the increased rates. So, the market feels “quiet”.
 
Some buyers have decided to hold off and see how the dust settles and others are using this as a time to continue to save towards the right home. For others, they’re taking advantage of the decrease in competition, increase in inventory and more friendly terms during contract negotiations. For those planning to list at this time, understanding the current market conditions and your competition is vital, as is making sure your home is looking its very, VERY best. (Psst, market data and prepping to list are two of my favorite things in this job wink wink)
 
In our very popular neighborhood, there are more listings and fewer transactions right now, which equates to less demand. Yet, the Sloan’s Lake and Highlands areas (80211 + 80212) continue to out-perform the market in average sales price, price per square foot, and days on market. The highest priced sale this month was actually the second highest sale price EVER for West Highland, coming in at $3,450,000. The sale was a 6 bed, 5 bath single family home on an extra large lot at 34th & Yates, built by KLM Construction. It was chosen as Denver Life’s 2022 Designer Showhouse. 
 
With the holidays nearing, new inventory has started to decline. We will likely start to see more expired and withdrawn listings as Sellers pause through the New Year. I’ll be watching to see how inventory changes impact the market, and as always, am prepped and ready should you have questions or want to dive in to buy, sell, or invest in Sloan’s Lake!
 

80211 + 80212 Market Stats

  • Active Listings: 163

  • Coming Soon Listings: 2

  • Pending Listings: 75

  • Closed in Last 30 Days: 94 (53 single family, 41 multi-family)

  • Number of Cash Transactions: 17 or 18% of all transactions

  • Withdrawn/Expired (last 30 days): 41

  • Average Sold Price: $988,146

  • Median Sold Price: $867,750

  • Average Ratio Close Price by List Price: 97% of List Price

  • Average PSF (Finished): $489

  • Average Days in MLS: 21

  • Number of Showings: 1,388

  • Average Number of Showings per Listing: 6

With the market shift, it can be tough for buyers to understand what kind of house they can get for their money these days. We decided to preview a few active and pending listings around the average price range of $800,000 to $850,000 to illustrate what you can get right now at that list price.


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