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Introduction:
As a Denver realtor specializing in buying and selling duplex properties, it's crucial to stay up-to-date with the latest market trends to provide the best service to my clients. In this blog post, we will analyze the key statistics for duplex properties in Denver City and Denver County for the full year of 2022 and the current year up to November 1, 2023.
These statistics will help us gain insights into the market's health, pricing trends, and more.
Close Price/List Price Ratio:
One of the first metrics to examine is the close price/list price ratio, which indicates how close the final sale price is to the initial listing price. In 2023, this ratio stands at 98.14%, slightly lower than the 100.19% recorded in 2022. This drop suggests that in 2023, duplex properties are selling at a slightly lower percentage of their initial asking price. It's essential to consider the broader economic context and buyer sentiment when interpreting this data.
Average Price Per Square Foot Closed:
The average price per square foot closed is another critical metric, reflecting the cost of duplex properties per square foot. In 2023, this figure is $379, compared to $394.16 in 2022. While the price per square foot has decreased, it's important to recognize that this can be influenced by various factors, including property condition, location, and market dynamics.
Sale Price Median:
The median sale price is a valuable indicator of market trends as it represents the middle point of all sale prices. In 2023, the median sale price for duplex properties is $635,617, significantly lower than the $824,933 recorded in 2022. This drop in median price could indicate a shift in the market towards more affordable duplex options or a change in buyer preferences.
Total Duplexes Sold:
The total number of duplexes sold is a key metric to assess the overall activity in the market. In 2023, 68 duplexes have been sold, compared to 112 in 2022. This decrease in the number of transactions could be attributed to various factors, such as changes in demand, supply constraints, or external economic factors.
Average Sale Price:
Lastly, the average sale price provides an overview of the general pricing trends in the duplex market. In 2023, the average sale price is $701,113, while in 2022, it was $902,191. This significant decrease in average sale price indicates a potential adjustment in property values, which may be attractive to investors looking for more affordable opportunities.
Conclusion:
In summary, the duplex market in Denver City and Denver County has experienced some notable changes between 2022 and 2023. The close price/list price ratio has decreased slightly, the average price per square foot closed has dropped, and both the median sale price and the total number of duplexes sold have seen declines. Additionally, the average sale price has decreased significantly.
These statistics provide valuable insights into the current state of the Denver duplex market. As a specialized Denver realtor with expertise in buying and selling duplex properties, I'm equipped to help you navigate these trends effectively.
Furthermore, if you're considering buying or selling a duplex property in Denver, you'll benefit from my unique approach. I not only assist clients in selling their duplexes for a competitive 4.5% commission, which covers the buyer's agent fee of 2.5%, but I also have the capacity to purchase duplexes for cash. This flexibility can be a game-changer for clients seeking a quick and hassle-free transaction.
By staying informed about the market trends and providing tailored services like cash purchases and competitive commission rates, I continue to be a valuable resource for those looking to navigate the ever-changing
Denver duplex real estate market. My expertise and commitment to my clients set me apart in this competitive industry.
About the author: Sean P Gribbons is a licensed Colorado Realtor and the Managing Broker of The Gold Standard Brokerage in Denver, CO. Sean has over a decade of selling real estate. Specializing in buying and selling duplexes.
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