In July, despite interest rates in the mid-5 percents and an active listing count over 72 percent higher than last year, Edgewater, Lakewood and Wheat Ridge experienced an average sales price gain of nearly 9 percent year-over-year.
The pace of the market has certainly slowed since last year, but homes are still selling very quickly with half of contracting listings doing so in five days or less. There is currently somewhere between 1 and 1.4 months of available inventory – a “balanced” market, not weighted towards buyer or seller, would have about six months of available inventory.
The pandemic created monster demand for more space and more distance between neighbors, and that mindset has migrated into these post-pandemic times. The housing inventory in Wheat Ridge and Lakewood is a prime target for these buyers. In Edgewater, if you consider the Edgewater Marketplace coupled with the shops and eateries lining both 25th Avenue and Sheridan Boulevard, along with Sloan’s Lake literally across the street, what you’ve got is a fully self-contained living/shopping/dining/recreation experience. While the homes and lot sizes in Edgewater are generally smaller than in Lakewood and Wheat Ridge, the pedestrian-friendly environment it offers will always be a highly coveted buyer desire.
Continued job growth in the Denver metro area coupled with ultra-low unemployment, currently at 3.2 percent, all happening despite signs of an impending recession, has been a key factor in continued buyer demand throughout the metro area.
Low inventory, below-average interest rates, and a desire for more space and/or walkable amenities will insure continued high buyer demand, and with that increasing home prices for Edgewater, Lakewood and Wheat Ridge for the foreseeable future.
Curious about the value of your home? Wondering if now is the right time to buy? Give us a call, we can help! Nostalgic Homes | Compass: 303-455-5535, www.nostalgichomes.com