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These are the hottest, most popular Denver zip codes of 2022 to date

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The Metro Denver housing market has emerged from the pandemic fever that devastated last year and the first half of this year. It’s a spike in activity and prices unlike anything the region has seen before or likely to see in the next few years. And of this hottest market, the neighborhoods of Aurora, eastern Denver, and central Jefferson County got hotter than the rest.

A record low inventory of homes on the market at the start of the year sparked a bidding war and a big surge in home prices as buyers tried to preempt interest rate hikes. And although the market cooled as these high mortgage rates weakened demand in the late spring and summer, the first half of 2022 will see a record drop.

“Wages and salaries are not keeping up with housing costs. Based real estate agent Steve Daniliu said:

Danyliw regularly publishes home sales figures in 90 ZIPs covering the 11-county area that the DMAR defines as the Denver metropolitan area. At any given time period, the popularity of a particular region fluctuates depending on what buyers are looking for and where they are most active. But as the market begins to move downward from an unsustainable move, it’s worth knowing where it’s already starting to hit the brakes and where it’s still accelerating, as the warning signs slow and flash.

Of the 90 ZIPS surveyed, 31 saw a median home sale price increase of 20% or more in the first half of 2022 compared to the same period in 2021. This is unprecedented. The largest increase of 33.7% occurred in his ZIP 80214 covering Northeast Lakewood. In the West, his 80215 neighbors of Applewood, Cedar Crest, and Heverly Heights aren’t far behind with his 32.4% rise. Indian Creek, Hampden, Cherry Creek Country Club District (80231) rose 27.9%.

However, sales in each of these regions declined. This means that supply shortages contributed to these price increases. Of his 90 ZIPS in the Denver metropolitan area, only 23 sold more homes in the first half of this year than in the first half of last year. This shows how low inventory is.of A record 1,226 homes and condos went up for sale in February In an area of ​​about 3 million people.To June when its supply surged to over 6,000 List and in July Inventory was up to 7,361Even that number is less than half the historical average.

A more comprehensive measure of market heat is the ability to sustain significant price gains as sales increase. The ZIPs with the fastest rate of closures included 80002 covering Olde Town Arvada and surrounding areas, up nearly 51%. 80401 covering Golden and Genesee was up 17.6%. 80021, which covers West Westminster and Lake Stanley, was up 15.7%.

A third way to measure market heat is how quickly homes sell after being listed. In the first half of this year, there were six He ZIPs — 80011, 80249, 80013, 80235, 80030, 80128 whose listings were on the market for an average of six days to close. , took an average of 41 days to sell, and 80135, which covers Sedalia and Deckers, took him 56 days.

The 80209 Denver ZIP, which covers Washington Park and Velcaro, deserves special recognition as the first location to surpass the $1 million median, not average, sales price, Daniliu said. The median selling price is up 20.5% from his $850,000 in the first half of 2021 to $1,025,000 in the first half of this year. From January to June, more than half of his 290 homes sold were above the highs typically seen in ski resort areas.

To identify the hottest housing markets for the first half of 2022, the Denver Post looked at all three metrics (home sales speed, sales price increase, and sales price increase) to give an overall rank score. created. Based on that, this year’s hottest ZIP is 80011, covering the regions north, south, and west of the University of Colorado Anschutz Medical Campus in Aurora.

Next is 80014 ZIP, which includes Heather Ridge, Heather Gardens and Meadow Hills, a denser area of ​​more affordable retirement condos. Median sales price increased 25.4%, unit sales increased 5.8%, and averaged 8 days to list.

Our third spot is 80247, which covers the Green Valley Ranch. This is one of the few pockets of Denver County that still has new housing construction going on. The median selling price increased 20.4% to $513,000.

Pursuit of Affordability

Buyers sought to stay ahead of rising interest rates that would make them less eligible to buy, driving affordability searches in many of the year’s hottest regions.

“The affordability was huge,” said Sunny Banka, a real estate agent who has helped clients buy and sell homes for more than 40 years, primarily in Aurora and eastern Denver. The most popular ZIP, 80011, ranked his 13th most affordable at $450,000, while the 2nd most popular ZIP, 80014, ranked him fifth most affordable. Although the median sale price is over $500,000 to him at $513,000, the homes in the area are much newer and larger than those in the lower priced older areas.

Banka notes that inflation has risen to a 40-year high, which may have motivated more buyers to find a place to live, preferably closer to work. Rising rents around the CU medical campus may have changed the renting and owning equation for students on long stays, which can span five years or more.

Taken Friday, August 26, 2022 in Aurora, Colorado, Jewel Heights/Hoffman Heights neighborhood, zip code 80011. The residential area is located south of the University of Colorado Anschutz Medical Campus. (Photo by Hyoung Chang/The Denver Post)

“It makes sense to be within walking or bus distance from work. People don’t want to spend hours on the road or spend big bucks on gas,” she said.

Mr. Banka specializes in working with “frustrated landlords” who are nearing retirement or have already moved out of state, and has completed the sale of more than 30 previous investment properties. increase.

“The word we kept hearing throughout March and April was that this was going to be the most we could get for this property. said Mr.

This may explain why the 80011 ZIP, which includes the Jewel Heights and Peterson districts, was able to combine a 21.6% increase in median selling price with a 2.2% increase in unit sales. And housing, he signed the contract sooner, within 6 days compared to 9 days in the first half of 2021.

Banka said a boom in building warehouses and distribution centers near the airport has boosted residential interest in the Green Valley Ranch area, as the medical campus draws more buyers to 80011.

Green Valley Ranch Wednesday, August 8 ...
Green Valley Ranch in Denver on Wednesday, August 24, 2022. (Photo credit: AAron Ontiveroz/The Denver Post)

“It’s more affordable and newer than many parts of Denver, but it’s in the northeast so it’s easy to forget,” says Ashtree Brown, a Rhino Realty Pros broker who specializes in the area. She said a nearby highway provides easy access to the entire metropolitan area and that the area has a sense of community.

Brown said it became “heartbreaking” to let go of contingencies and work with buyers who were forced to enter a bidding war. Her job is to help buyers find their “dream” homes. from helping them to find a roof over their head, any roof.

“When you’re working, you can’t earn rent and you can’t buy a house. Something has to be given in the end,” she said.

Nancy Henson, Managing Broker of Heather Gardens Brokers, works for 80014 ZIP, the second most popular firm overall, and dates back to the mid-1980s when she started a real estate business with her father. She has seen many ups and downs in her last 36 years, but she said nothing matched her exuberance in the last two years.

“It was crazy. We had very little inventory and in just a few days we had record prices,” she said. “Right now, there are daily price cuts on unsold inventory and we are seeing a significant slowdown.

Throughout the spring and early summer, her company used to have between 5 and 10 products on the market at any one time, and now they have a total of 30 and they are not moving. Her hope is that interest rates won’t be so high that the housing market will crash.

A man is walking on Heatherridge ......
A man walks through Heather Ridge in the Northern Lights on Wednesday, August 24, 2022. (Photo credit: AAron Ontiveroz/The Denver Post)

where things weren’t so hot

Only two markets experienced a decline in median sales prices in the first half of the year, with 80237, which covers the North DTC region, down 7.6%, and 80220, South Park Hill, Montclair, East Colfax, Hale and Mount Clair. district. Prices were slightly lower, at 0.9%.

In the overall ranking, the “coolest” market is Boulder County at 80303, which includes Arapahor Ridge, Frazier Meadows and Meadow District. But part of his ZIP was in the path of Marshall’s fire. Over 1,000 homes were destroyed earlier in the year, disrupting sales in the area.

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