As we approach 2020, we can look back at the first three quarters of 2019, January through September. During this period, parts of the Metro area saw price growth, but not like last year. In some parts of town, we saw price drops compared to 2018. Last year, only one zip code experienced a year-over-year median price decrease. This year, that number increased quite a bit, with 17 zip codes seeing year-over-year median price decreases. Median home prices fell most – 8.9% – in the 80235 zip code. Average home prices fell 7.7% ,from $898,147 to $829,015, in the 80113 zip code, which includes Cherry Hills, Logan Park and Broadway Heights.
Home sales overall are up compared to 2018 in almost every part of town and the market seems to continue to find a balance. The number of days homes are spending on the market is growing.
This shift in the market is important for sellers to understand. When pricing, we look at comparable properties that have sold recently, but even recent sale prices may be misleading. It’s important to price for the market right now, rather than for what the market looked like last year or even this past summer.