1. What's unique about Live Urban Real Estate?LIVE Urban Real is a locally-owned residential real estate brokerage focused on the urban neighborhoods of Denver. In 2011, LIVE was named a finalist as one of the nation's Most Innovative Real Estate Brokerages. Our team of 60 brokers specialize in these popular city-close neighborhoods.
2. What are you seeing in urban Denver's real estate market?
First, let me define Denver's urban real estate market. It's those classic neighborhoods, typically built between 1890 and 1950, in the city-close areas that surround Downtown, including the city center. They include the Highlands, Sunnyside and Berkeley in northwest Denver; Wash Park, Congress Park, and Capitol Hill, in southeast Denver; City Park, Uptown, and Park Hill in northeast Denver, and Downtown itself. (Statistics pulled from MLS areas: DNW, DNE, DSE and DTD.) These neighborhoods are some of the hottest real estate markets in the metro area, even in the country!
3. What's the vibe in today's real estate market in Denver's classic urban neighborhoods?
Although I'm not sure I'd call it a seller's market just yet, there are some signals that could indicate we're heading into a real estate market that might favor sellers. It will remain important that a home is priced appropriately, and in good condition. Generally speaking, Realtors define a seller's market as having low inventory, increasing demand, shorter times on the market, and multiple offers. All of those appear true at the moment. It will be interesting to see what develops in the next few months.
4. Are prices going up or down? And if so, by how much?
According to Metrolist MLS, the average sales price of a both homes and condos in Denver's classic urban neighborhoods in February 2012 was $281,601. Taking out the typical month-to-month and seasonal fluctuations, we've seen a slow and steady single-digit increase over the last two years, up 5.9% since February 2010. Of course, it depends on the individual property and the specific neighborhood.
5. How many homes are currently for sale in urban Denver?
As of today, data from Metrolist MLS states there are about 2200 homes and condos available for sale on the market in urban Denver. For comparison, one year ago at the end of March 2011, there were nearly 3800 homes and condos on the market, a 42% drop as compared to the market one year ago, and down nearly 50% since last year's high point in May 2011. There is currently only 3.1 months of inventory on the market today. A year ago? 8 months supply. Yes, its true that inventory is low, and the low supply is doesn't necessarily mean increased prices. There is still some question of how the mortgage environment will impact home sales. And remember, all real estate is local. What's true in these city of Denver neighborhoods isn't the same as the entire metro area. It can and does fluctuate widely from neighborhood to neighborhood.
6. With a mix of new build and traditional homes in these neighborhoods (including bungalows, Victorians, and ranches), what are your customers most interested in these days?
Home buyers aren't necessarily drawn to urban Denver because of specific architecture. They want to live in these neighborhoods because our convenient urban lifestyle: walkable neighborhoods, unique restaurants and merchants, convenient access to bike paths, abundant parks and trails. They also want to live among other like-minded folks. Of course, once they've decided they want to live in urban Denver, classic bungalows remain a popular choice. Newly constructed modern homes, especially in LoHi and Berkeley, are increasingly popular as well.
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