Platt Park and Washington Park Market Update
Well fall 2016 has arrived in the Platt Park and Washington Park markets. It is always predictable that each year about this time things begin to cool down. Of course the media announcements always lags a couple months so you will not be reading about this till October in the Denver Post and related publications and blogs.
Time to worry? Not at all. The “hot” time of the year in the real estate world is always from late winter till mid-August. Thats the time of year that gets all the press announcing; “Bidding Wars”, “Lack of Inventory Frustrates Buyer”, “Is Denver Real Estate Out of Control” to quote a few. Really the market is not THAT exciting but it makes for interesting reading. No this is the typical ebb and flow of the Denver market and has been for years and years.
So far in September we’ve seen inventory of homes for sale slowly increasing. Platt Park, for example rarely in the past six months has had more than ten homes for sale at any given time. At the time of this writing it has sixteen–still not a lot but a significant increase. Homes are in general not flying off the market in one weekend but are actually taking a little while to sell. We’ve also had the occasional sightings of the previously rare price drop as seller have to adjust to the market.
If you were to observe prices on a twelve month basis you’d see the real appreciation of values happen from March to July and typically values then go flat or taper off a bit as we near the end of the year. The whole process then repeats the following year.
If you find yourself having to sell in the slower season no need to panic. You will still benefit from the price appreciation that happened in the first part of the year and the market around here is never dormant–it goes from ‘red hot’ to perhaps ‘sort of hot’ if you will. There are always buyers out there wanting to get into this part of town so we are blessed to have a market that is always good if not great for selling.
Would love to be of help if you have any real estate needs. Just give me a call.
See you around the neighborhood
Tom Snyder
303-877-3097