Updated: Jun 29, 2020
Here’s how our market has reacted to the easing of COVID-19 restrictions.
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What’s happening in our market now that the COVID-19 restrictions have eased?
Overall, our market is strong, but not everywhere. In some parts of the city, homes are attracting multiple offers and selling for as high as 10% over asking price. In other parts, homes are declining in value. Properties closer to downtown (particularly smaller apartment condos) don’t seem to be selling quite as well, whereas suburban properties are selling very well depending on their condition and location.
I thought there would be an avalanche of pent-up demand once the COVID-19 restrictions eased, and now we’re seeing the effect of that.
Surprisingly enough, one of the all-star performers right now is luxury properties (i.e., properties over $1 million). The number of luxury homes that went under contract last May was up 145% compared to May 2019. As I mentioned a couple of months ago, I thought there would be an avalanche of pent-up demand once the COVID-19 restrictions eased, and now we’re seeing the effect of that—especially among buyers looking to upsize.
The bottom line is that conditions are different all over Denver, so if you have questions about your specific neighborhood or a property you’re interested in, let me know. Additionally, interest rates are at an all-time low, so if you’re curious how this affects you, feel free to reach out to me as well. I’m here to help.