Neighborhood Specific Market Information “West Colfax”

by Stephen LaPorta 01/17/2019

Denver NeighborhoodsDenver NeighorhoodsEach week I will provide a Neighborhood Specific Market Analysis starting with close in Denver neighborhoods and expanding to neighborhoods requested by followers. Denver neighborhood boundaries will be defined by the City and County of Denver Statistical Neighborhoods map. This will be a year over year analysis with an additional look at the seasonal trends. Raw statistical numbers within the analysis need to be somewhat tempered as a contributing factor to markets increasing is the amount of capital infused into the fix and flip properties as well as new construction. Applying the raw appreciation or depreciation number to the value of your property will not be an accurate reflection of current value. All market factors need to be considered when determining accurate pricing for individual properties.


This week we look at the West Colfax neighborhood. Year over year (01/14/2018 to 01/14/2019 compared to 01/14/2017 to 01/14/2018) statistics indicate an increase in the Median sales price by +3.5%, increase in the Average sales price by +9.8%, increase in the Median Price Per Square Foot Above Grade by +5.1%, increase in Average Price Per Square Foot Above Grade by +9.8%. The number of sales during the same year over year analysis increased by +6.4%, the average days on the market increase by 59.2% to 484 days on the market, the median days on the market increased by 97.7% to 85 days on the market. The days on the market includes new construction listed prior to the construction skewing this statistic. The current number of active listings indicates a 3.77-month housing supply and market trends indicate returning to normal market conditions and more balance between supply and demand.


Neighborhood analysis are a general analysis and may not translate directly to the values of individual properties. This analysis does not include builder sales not reported on the Denver Area MLS system. If you are interested in more information with regards market factors specific to your home, feel free to reach out to me.

About the Author
Author

Stephen LaPorta

Hi, I'm Stephen Laporta and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.