Digging Deeper: Year-to-Date Zip Code Report | October 23
Median Close Price:
Among the 90 metro zip codes, 80230 experienced the most substantial increase in median closed prices, with a notable rise of 19.4 percent. It's worth noting that 80230, which includes Lowry and involves a relatively small number of transactions, can exhibit larger percentage changes with relatively minor shifts in the mix. In this case, the average change for 80230 was just 4.2 percent.
Out of these 90 metro zip codes, only 16 showed an increase in median closed prices. In contrast, three had no change and 71 recorded a drop in closed prices.
Average Close Price:
The zip code 80113, encompassing Cherry Hills, Logan Park and Broadway Heights, saw a significant 37.8 percent increase in the average price. Interestingly, the median price for 80113 had a more modest increase of 5.9 percent. This is exemplified by the top 10 sales in 2023, which amounted to $78 million compared to $56.2 million in 2022, illustrating how large sales in the upper end of the market impact the overall mix.
In general, the more affluent areas are performing better, as buyers in these regions are less affected by higher interest rates.
Number of Closed Transactions:
Zip code 80125 (Roxborough Park, Highlands Ranch and Louviers) saw a remarkable increase of 40.1 percent in closed transactions this year when compared to 2022. This substantial rise was primarily driven by the increased development in Sterling Ranch. Only five zip codes closed more transactions through the third quarter, mostly due to new developments, while 85 others saw a decrease.
Notably, 80211 (Highland, Sunnyside and Potter Highlands) experienced the largest percentage drop, with a decrease of 38.2 percent in closed transactions.
Average Days in MLS:
A significant increase in days in MLS was observed in 89 out of the 90 metro zip codes. For instance, 80002 (Appleridge Estates, Arvada Plaza and Olde Town Arvada) showed the most substantial increase, rising from 12 days to 40 days, marking a 233.3 percent increase.
On the other hand, 80202 (Downtown and LoDo) has the longest average time to sell, with an average of 58 days.
