Home prices jump in hot Denver neighborhoods

8:31 AM, Jul 30, 2013   |    comments
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KUSA - Fuller Sotheby's International Realty is out with a new set of micro market reports that show significant price jumps in three of Denver's hottest neighborhoods.

Cherry Hills and Greenwood Village properties over an acre rose a combined 18.5 percent in average price. The Highlands/Sloan's Lake area rose a combined 24.2 percent in average price, while Washington Park East and West rose a combined 20.2 percent in average price.

FSIR says the most up and coming neighborhood appears to be Castle Pines North with an average price that rose 16.1 percent and had a 34 percent increase in the amount of sales over the year.

"Still, with property inventory at an all time low, multiple offers and record-low days-on-the-market is our new normal," according to FSIR broker associate Leilani Renteria.

"It's important as ever to temper our buyers and sellers from elevating property values to a level that could potentially collapse when inventory increases," according to Renteria.

Renteria sees signs of home prices finally catching up to the market. She points to fast paced sales of new, well priced, "superb condition" properties, as well as home sales pending after several price reductions.

Overall, FSIR says indicators point to a sustainable housing recovery and continued improvement.

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