This week I’m providing a historical profile of condos in downtown Denver. Below you’ll see some graphs of monthly and annual data from 2008-2014. Here’s what they tell me:
- The majority of condos sold in 2014 – a total of 108 – fall in the “sweet spot of $300,000-$399,000 price range.
- The next highest price ranges, on either side of that sweet spot, had about 40% fewer sales:
- 62 condos sold in the $200,000-$299,000 range, and
- 66 condos sold in the $400,000-$499,000.
Average price: 2014 was the first year to surpass the average price in 2008 of nearly $500,000. (Prices dropped after 2008 and have had a steady recovery every year since.)
Number of units sold: This number dropped from 2008 to 2009. It took three more years to once again sell more units per year than sold in 2008.
Days on market: This trended in a similar way to units sold – averages got worse from 2008 to 2009; it took 3 more years to recover.
Average condo size: This stayed pretty steady – ranging from 1,249-1,348 square feet.
Each graph seems to paint a consistent picture of what I expected since the “bust” in 2008: prices dropped and recovered; and time on market increased, then dropped again.
But the good news to take away from this is simple: most of these stats are currently in the best position we have seen in many years, which is great news for the Denver real estate market.
The Graphs: Interpreting the data
- Range of Prices: Graphing the price range from the lowest price condo sold to the highest priced condo sold.
- Price Distribution: How many condos sold in each price category.
- Average Home Price: Average price for a condo in downtown for the month or year specified
- Number Sold: How many downtown condos sold each month or year specified
- Average Days on Market: How many days (on average) it took for an agreed upon contract. This is not tracking the number of days till the sale took
- Average Finished Sq Ft: Average size of sold condos in downtown Denver.
- Average Price per Finished Sq Ft: Average price for 1 sq ft of finished sq ft for each month or year specified
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