A more comprehensive measure of a market’s heat is its ability to sustain strong price gains on an increasing number of sales. The ZIPs where closings accelerated the most included 80002, which covers Olde Town Arvada and surrounding areas, up nearly 51%; 80401, which covers Golden and Genesee, up 17.6%; and 80021, which covers western Westminster and Stanley Lake, up 15.7%.
In trying to determine the hottest housing markets in the first half of 2022, The Denver Post looked at all three measures — how quickly homes sold, how much sales rose and how much sales prices increased — to create a combined rank score. Based on that, the hottest ZIP this year was 80011, which covers the neighborhoods to the north, south and west of the University of Colorado Anschutz Medical Campus in Aurora.
“Affordability was huge,” said Sunny Banka, a Realtor who has spent more than four decades helping clients buy and sell homes, primarily in Aurora and east Denver. The hottest ZIP, 80011, ranked as the 13th most affordable at $450,000, while the second hottest ZIP, 80014, ranked fifth most affordable. And while the median sales price crossed $500,000 to $513,000, the homes in that area are much newer and larger than those in older neighborhoods with lower price points.
“It makes sense to be within walking distance or bus distance of where you work. People don’t want to spend hours on the roads and tons of money on gas,” she said. That may explain why the 80011 ZIP, which includes the Jewell Heights and Peterson neighborhoods, was able to combine a 21.6% gain in median sales price with a 2.2% gain in the number of sales. And homes went under contract faster, within six days compared to nine in the first half of 2021.
“When you are working you can’t make rent and you can’t buy a house, something has to give eventually,” she said.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: phxbizjournal - 🏆 254. / 63 Read more »