Platt Park Real Estate 2019 Year End Review
How’d we do in 2019?
With the year coming quickly to an end, thought it time to do our annual year-end review of the Platt Park housing market. After a seven-year run of an extraordinary strong seller’s market, crazy bidding wars and ever limited inventory the market in 2019 finally shifted. Here are some highlights:
- After relentless appreciation where our home values nearly doubled in ten years the market decidedly cooled. The median value of a Platt Park home remained relatively unchanged from one year ago and now stands at $649,000.
- Daily inventory of homes-for-sale rose while the total number of sales for the year was down slightly from a year ago (-9%). On any given day in Platt Park there where typically over 20 homes for sale whereas in previous years it was rare to see more than ten homes actively for sale on any given day.
- The market for homes over one million dollars continued to grow with 14 homes selling in this range. A new record sale took place topping out at a rather amazing $1,957,000. Historical note: Platt Parks first ever sale over one million occurred in 2015.
- We also saw the return of the price drop with the majority of homes having to lower price at least once to secure a sale—something that rarely happened in past years.
None of this is cause for concern and I think it is actually very healthy. Our home values have long been out-stripping the overall economy which has in itself been remarkably healthy here in Denver. We were bound to have a cooling off period sooner than later. Letting wages and the economy catch up a bit is good for all and bodes well for the future.
Happy to discuss this and how it relates to your home specifically. Just give us a call for this and any of your real estate needs.
See you around the neighborhood,
Tom & Denise Snyder