The Madison Report: Q2 2016

The Madison Q2 report is here! Madison president, Justin Knoll, shares an update on the market. You can view the full report here.

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Welcome to the second half of 2016, a year sure to be remembered for its fast pace, dramatically increasing pricing and multiple offers on nearly all transactions. Statistically, 2016 has been remarkable as homes on the market hit a new record low for the month of May at 5,463 active listings. The average number of active listings in the month of May is 16,981, while the record high was 30,457 in 2006 and the record low was 5,657 in 2015.

Just one month later, things shifted dramatically as there were 7,615 new listings to hit the market, a 12.17% increase compared to the month prior, creating a 9.67% increase year over year. 5,587 homes were placed under contract (-4.61%), 5,324 homes sold and closed (+2.94 %) and 6,796 active listings remained on the market for buyers to consider. While this is typically a time when inventory grows until its peak in August and September, this was a rather large jump for the market in one month.

Average and median sold home prices edged up again from the previous month with appreciation gains of 2.77% to $421,266 and 1.39% to $365,000 respectively. Buyers are feeling some pressure to act fast as the average days on market closed the month at 26, compared to 31 in May.

With continued inventory issues, increased demand and historically low interest rates (thank you Brexit) the rest of the year appears to be a continuation of the hot year we have had so far. While it may be daunting to some, others are finding opportunity in most market segments and buyers and sellers are having success accomplishing their goals.

It is a true professionals market as many deals are closing mainly because of the hard work of Realtors and lenders as transactions are more complex than ever. Our advice, have clear goals, partner with the best professionals and be ready to pounce…Denver is still the place to be.

– Justin Knoll President, Madison & Company

Developing Denver

20150625__rendering-sloans-lake-redevelopment-p1Sloan’s Lake is Denver’s largest lake, and the second largest city park.

It is also a neighborhood undergoing incredible growth and changes, joining the ranks of Denver’s highly sought-after, premier areas.

These changes are centered around the old St. Anthony’s Hospital, where the new development, Sloans, is underway. The mixed-use development will offer a range of residential, retail and restaurants.

The Alamo Cinema and Drafthouse, Starbucks, Little Man Ice Cream and Tap and Burger have all committed to opening additional locations in Sloans.

Juan Padro and his wife, Katie, opened Highland Tap and Burger five years ago. They are thrilled to open a location in Sloans and be part of contributing the “future growth of such a dynamic neighborhood.”

“Being part of community is super important to us, and this project really lends itself to embracing the Sloan’s Lake community,” said Padro.

sloans-alexan-renderingResidents of the Sloan’s neighborhood are thrilled for the new theater, as well. These additions are hoped to cultivate community and encourage and increase residents and newcomers to be out-and-about and involved in the neighborhood.

A variety of housing opportunities are also coming to Sloans, also expected to attract folks to the area.

Perry Row at Sloans will be the only for-sale townhomes in Sloans. In January, construction on 32 townhomes will begin, but the final project promises 64 townhomes.

Only one block south of Sloan’s Lake, Perry Row at Sloans is in an ideal location. It is a mere three miles from downtown Denver, and three blocks north of the Perry Street Light Rail Station, which promises rail service to DIA next year.

A 12-story condo tower is also in the works as part of the Sloans development. The condos are geared towards a range of buyers, according to Dee Chirafisi, the real estate broker hired to list the condo units. “There will be a lot of variety and something for everyone,” she said.20150625__sloan-redevelopment-rendering-p1

The Sloans development is a wonderful picture of this incredible city that is Denver. It is full of variety and appeal to a range of individuals, creating more and more mixed-use spaces and bringing together a variety of people into this diverse and beautiful city.