Have you always dreamed of living in a loft in Downtown Denver? Imagine being close to everything you love – trails, parks, shopping, bars, restaurants, the Rookies and not having to get in the car daily. You will be in the center of it all with the energy of the city zooming by.
For years now Downtown Denver has been near unattainable with very little inventory and laws that made it very expensive for new complexes to be developed. Recently, we saw the laws softened and more being built, adding more condos and lofts to the market.
In addition to more homes being built, metro Denver is starting to see an increase in inventory. According to Denver Metro Association, “metro Denver’s inventory is at it’s highest since 2013”. The rise in inventory is resulting in price reductions and an increase in average days on market.
Can you guess which sector of the market is impacted the most? Condos in Denver priced between 750k – 1 million.. With all the new condos that have been built and resales coming on the market, the high end lofts are taking longer to sell. There is a six month supply of inventory on the market and the average days on market is 58. Compared to last year, that is an increase of 31%.
If you have always wanted a home in the heart of the city, this just might be your time. Interest rates are low and more inventory and lower prices can mean more negotiating power for the buyer. Take a look herefor luxury condos on the market in Denver currently.
Liz is broker and owner of Liz Daigle Realty.