Thank you for helping us get the facts out there about the downtown numbers Lily. One note I’d like to make is that the city is doing an incredible job of focusing on the issues that are causing this pause in the market and we need to realize that this is simply a pause. That means there could be opportunity in the meantime.
I also want to clarify that I do not think Denver is a scary city at all. There are some things happening that came as a result of circumstances of 2020 but the city is addressing these issues and I still feel as safe down there today as I did before Covid.
Founder, Denver High-Rise Living
Written by Lily O’Neill, Denver Business Den
One corner of residential real estate is missing out on Denver’s pandemic boom.
While single-family homes around the region have been selling at record prices, the number of condominiums available in downtown Denver keeps climbing.
“There are houses averaging over $600,000 that can’t stay on the market for more than a few days, and then downtown, you have condos that aren’t selling or having to drop their prices,” said Lori Greenly, founder of Denver-High Rise Living. Her firm specializes in downtown condos.
“We have many things at play, like the election, COVID, and the rough homeless issue. It’s the perfect storm, and here we sit.”
In Denver’s 80202 ZIP code, which encompasses most of downtown, there were 193 active listings at the end of August, up nearly 50 percent from August 2019 and 112 percent from August 2018, according to data from REColorado.
To compare, condo inventory in that ZIP code hasn’t been this high since July 2011.
The number of active condo listings in 80202, which normally peaks in the summer, has been steadily rising since December, but saw a major jump in May, when 31 units were added, bringing total inventory to 152. There’s currently eight months, nearly nine, of supply available, up 62 percent from last year. Anything over six months is considered a buyer’s market.