It doesn’t take long to realize that the Highland area (and specifically LoHi) has taken off in the last year. The lack of active listings is being felt across the Denver metro area with offers coming in within the first two weeks in all price ranges and multiple offers a regular occurrence. The days where buyers were able to take their time and have their pick of properties have passed. The market has shifted from a “buyer’s market” to a “seller’s market” (hate those phrases) very quickly, particularly in LoHi.
One can drive around and notice the lack of “for sale” signs in yards (never noticed how many there were until I started in this business, now I see them everywhere, even when they’re not there), but it’s easier to check the numbers. One year ago, the average days on market for a listing in LoHi was 101 days (it was much higher in other parts of the city and price points, some as high as 250) and the average price per square foot in LoHi was $243. Now? Try 74 days on market with an average per square foot of $259 (note: these statistics are based on both single family/condo properties ranging in price from $0 – $600K). That means that in one year we have seen the average appreciation of 6.58% and a decrease in the time it takes to close of 26.7%.
What has caused this? The amount of homes for sale has dropped by over 50%, rates have remained relatively stable (some decrease) and there are more buyers in the market. Combine all of that with the fact that LoHi is walking distance to downtown, restaurants, shops and every sporting event in the city (sorry Rapids) and it has quickly become the best place to sell a house in the city.