Downtown Denver real estate continues to break records, this time in Denver’s 80202.
Last week we reported some surprises in the downtown condo market. This week we decided to dig deeper into one of our favorite zip codes, the heart of Denver, 80202. For anyone who was hoping to take advantage of the pause downtown experienced last year, unfortunately, your time is up. As we reported, last year we did not see the downtown condo market increase in value as it usually does from 5-10%, but values did not decrease during that time either. It was a good time to purchase and get some “decent” deals because inventory hit an all time high at one point. But that moment in time has ended, leaving us with several record breaking numbers to talk about today as this pause comes to an end.
The average closed price in 80202, in March 2021, was $837,671. The last time we saw this average was in August of 2019 and October of 2015. To compare year over year, March of 2020’s average price was $653,141 and 2019 was $611,173.
In September and October of 2020 there were 9.5 months of inventory in 80202. As a reminder, anything over 6 months tells us we are in a buyers’ market, where the buyer has more control. In March we were down to 3.3 months of inventory. A year ago, that number was 4.7; 2019 was 3.9 and 2018 was 3.0 months. With only 3.3 months of condo inventory in 80202, the sellers are back in the driver’s seat.
One of the records we set in 80202 was in new listings. We saw 65 new listings. In our research, that goes back 12 years, this was the highest we found. In 2020 there were 45 new listings, in 2019 there were 34 and 2018 there were 51 new listings in March.
Another record set was the average price per foot, which came in at $652 in March. Last March that number was $530, in 2019 it was $482 and in 2018 it was $494.
The number of listings under contract was also record setting at 65. The last time we came close to that number was in May of 2015 with 52 listings under contract. We had 15 under contract in 2020, 19 in 2019 and 30 in 2018.
We have two more records to share. There were 66 closed condo listings in 80202 in March. The closest we’ve come to that number in the past 12 years of research was 45 in July of 2018.
The most impactful number to us that clearly shows what is going on, is the total dollar volume of condos closed in 80202 and all of downtown Denver.
|Year Over Year Difference||All Downtown Denver Sales||Year Over Year Difference
So, that pause we have been talking about this past year seems like it was just that, a pause. For those who have been hesitant about coming downtown, waiting to see what happens or for things to turn around, good news…wait no longer, our great city of Denver is back!