July proved to be a remarkable month for Riverfront Park real estate. With twelve residences sold spanning six unique buildings, July was the most prosperous month of the year in terms of units sold and the breadth of sales across the neighborhood.
If you remember, we had a spring filled with snowy weather which kept many buyers at bay. The result was a slow first quarter and an increase in the overall days a unit spent on the market. Since April 1st, however, Days on Market has dropped significantly from 88 to 37.
Another closely monitored metric in our rapidly appreciating market is the sold price of a residence in relation to its list price. Through the first seven months of the year residences garnered on average 96% of their list price. Interestingly enough, the neighborhood of Riverfront Park is on par with 2015 as a whole which yielded an identical 96% sold/list price ratio. For perspective, a home that is initially priced at $400,000 will sell for $384,000 while a home priced at $800,000 may sell for $768,000. Keep me in mind, this number is for illustration and comparative purposes. Some residences accept a contract within 24 hours of being listed on the MLS while other spend six months or more before drawing a buyer.
Below is the updated board identifying all of the homes sold this year in addition to a breakdown of each residence sold within July.
As of today there are 10 residences Under Contract with another 31 units available. To view the current inventory, click here.
The entire Front Range continues to support a healthy, expanding real estate market including the city of Denver, where the average single family home and condo price combined rose 8.2% through the first six months of the year. The average price for a single family home or condo in the city limits is now $421,416. For an entire review of LIV Sotheby’s International Realty’s mid-year market report visit our website, or click here:
Whether you’re interested in buying a residence or selling your current home, contact me to discuss the specifics of the market in comparison to your individual goals.
Mile Hi Modern
LIV | Sotheby’s International Realty
255 Clayton Street, Unit 100
Denver, CO 80206
Recent Sales Information
See Recent Sales Information for the Past Year in any Riverfront Park Building.