Aug 202016
 

Nearly everyone who lives and works in the Denver Metro Area or the surrounding areas is aware that we’ve had some pretty hefty price increases year on year since the end of the recession in 2011. If you check out our data on the web site under Percent Change in Price Year to Year, you’ll see that consistent price increase of 5% to 15% annually began in 2012 and have continued through the summer of 2016. In fact, condo/townhome prices in the communities we cover increased by 20% in 2015 and 16% in the first half of 2016. Really stunning numbers.  The data in the chart below will give you a feel for what’s happening.

Median_Price_Small_MLS

Since this run-up in prices is now in its 5th year, it’s worth taking a look at the cumulative numbers on these price increases.  This data for small home prices, from the web site section called Percent Change in Price Over Time, is in the chart below:

Long_Term_Appreciation_Small

Briefly, the yellow column for each community on the chart represents the cumulative appreciation in median prices for small homes from 2011 through June of 2016.  These range from “lows” of 47%, 49% and 50% for Erie, Superior,and Gunbarrel to highs of 78% and 80% for Arvada and Westminster.  Not surprisingly, these communities with the steepest increases during the recovery were the communities where prices dropped most during the recession ( represented by the green bar in the chart above).  Their recovery included making up the ground lost during the recession.

These large cumulative price increases have occurred in all communities in the area.  For the various home types covered in our data, the average increases across these 10 communities have been:

………………………………………….2012-2016…………..2007-2016……………………………………

Biggest Homes                         41%                     26%

Large Homes                           35%                     32%

Mid-Sized Homes                      52%                     48%

Small Homes                            62%                      57%

Small Condo/Townhomes          76%                      59%

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