Denver Metro’s Condo Market is Not Dead. Here’s Why!Amanda Molitor
The delayed spring market is here, and Denver Metro’s real estate market is buzzing with activity. Buyers are ready to pick up where they left of earlier this spring and shop for the perfect place to call home. While it’s true that in the wake of the pandemic, many homebuyers are focusing on finding homes with private, outdoor living space, condos are still great options for buyers looking for unbeatable convenience and amenities.
In the current Denver Metro condo market, there are opportunities for both buyers and sellers to reach their goals. When looking at metrics like active listings and pending contracts, May of this year performed better than May of 2019, according to data provided in the Metro Denver Market Report compiled by Megan Aller of First American Title. Last month, there were 2,272 units available, a 5.6% increase from May of 2019. The increase in inventory gives buyers more options to choose from and benefits sellers by boosting total sales.
Pending sales totaled 1,769 for the month of May, which is also higher than that of May 2019. What’s even more impressive is that in an average year-to-date comparison of the past seven years to 2020, pending sales are up by 5.7%. These statistics, coupled with enhanced buying power due to the historically low interest rates, creates a real estate market that is encouraging for consumers who are considering buying or selling a condo.
There may be some hesitation for buyers to purchase an attached property following the pandemic, but there are still many factors that make living in a high-rise home appealing. Often times, there is less maintenance work required of the owners of attached dwellings, making condos easier to manage and also perfect for seasonal or vacation homes. The amenities included with attached and condominium homes are another incentive for buyers to purchase these types of homes. But most importantly, condominiums provide a specific lifestyle that draws buyers to these residences.
“While commuter traffic has decreased, the reality is that there are more people living in Downtown Denver than ever before and with good reason. In spite of the recent events, many of the perks of living downtown remain intact,” explained LIV SIR broker, Adam Moore. “Condominiums continue to afford homeowners a maintenance-free living arrangement across an array of efficient footprints in a central locale that is focused on simplicity, convenience, and walkability.”
While the range of entertainment options has momentarily declined due to social distancing, the core features and benefits afforded to the residents living downtown remain firmly intact. This period of limited access to entertainment and amenities, while disruptive, is only temporary. Condominiums, many of which are located in lively downtown settings, will always include intrinsic benefits and as the city re-opens, the extrinsic benefits replenish.
Buyers and sellers can rest assured that the pandemic has not been the death of condo living. When it comes to ease of living, added benefits, and entertainment, it is hard to compete with condos.
“We will continue to see buyers flock to purchase condos,” commented LIV SR broker, Robin Lake. “One floor living, practically no maintenance, luxury resort-style amenities, and sense of community create a lifestyle simply not available outside of condo living!”
To learn more about high-rise and attached living in Denver Metro or to begin your search for the perfect condo contact LIV Sotheby’s International Realty by calling 303.893.3200 or visiting livsothebysrealty.com.