Real Estate sales for Downtown Denver in October 2012 were in line with last year – 27 condominium sales for the total volume of $14,647,150.
While the number of sales was the same as in October 2011 the difference this year, however, was in the the average price – $542,487 vs. $353,752 (that’s 53% increase in the average price sold)!
Of course, we would need to take a closer look at where this increase came from. Last year’s sales where priced between $119K and $767K; October 2012 had sales prices between $105K and $3Mil. In fact, there were total of 4 sales above $1Mil mark last month Downtown Denver – all speaks to the fact that higher priced market is indeed coming back.
With current active listings at 139 and sales pace of 27 per month we are looking at 5 months supply of listings in Downtown – it is an encouraging number for those looking to sell; Buyer be ware – inventory is indeed shrinking and historically this means that prices will go up!
Below are the properties that sold last month in Downtown Denver area, as always contact me via phone or email anytime for details and stay tuned for the next month’s update!