In Denver, the condo market has been red hot for quite a while. Since the demand is higher than the inventory, buyers have seen tough competition since the pandemic began in 2020. For the first half of 2022, the Denver condo market remained a seller’s market. Fortunately for prospective buyers, things are starting to cool down. As interest rates rise and buyer uncertainty creeps upwards, buyers may face less competition in bidding. In this article, we will share insight on the current conditions of the condo market for buyers, as well as new condo developments that are in the works.
A Ray of Hope for Condo Buyers
According to DMAR, buyers will see less market competition, giving them slightly more purchasing power than before. In fact, Denver’s real estate inventory as a whole has seen a 65.85% increase in stock from May to June. The growing inventory will help level the playing field between buyers and sellers. However, with rising interest rates, the purchasing power will also drop slightly as mortgages become more expensive.
Denver Condo Averages
Currently, the condo market in Denver is seeing a good amount of inventory – with some new builds included as well. 1-bedroom condos for sale in Denver now offer an average of 755 sq ft., with the price per square foot coming in at $523. In terms of listing prices, the median price of condos on the Denver market right now is $570,700. Interestingly, new build condos have a higher medium price of $611,884 but a lower average price per square foot – $445.
If you’re looking to buy a condo in Denver right now, a new construction condo might have a higher price tag, but there’s a chance you’ll get more space for less money. Though this is only a loose prediction based on current market statistics, it’s worth looking further into if you’re a prospective buyer.
New Construction Condo Developments in the Works
Currently, there are various condo development projects in the works throughout Denver. The influx of condos being built will hopefully continue to increase the available inventory for buyers, further cooling down the Denver real estate market for buyers. There are a few condo developments that are coming to Denver soon, here’s a look at a few significant ones.
- The Amacon Towers – According to Denverite, the Canadian developer, Amacon, is getting ready to build two massive condo towers located in the Central Business District on the edge of Uptown. These condos will feature 461 new units and have a West Coast design. The Amacon Towers will be the largest condo project Denver has seen in over a decade. According to the Denver Business Journal, construction is expected to be completed in 2024.
- The Arbory – This project is being led by local developer, Generation Development. The 5-story, 41-unit condominium development will be built in Denver’s City Park West neighborhood and offer modern designs with breathtaking city & mountain views. According to Mile High CRE, construction is expected to be completed by September 2022.
Interested in buying in a new development like these? Be sure to check our page to see when any new Denver condos become available for sale in the future.
If you’re eager to start looking for Denver condos for sale right now, contact us, and we’ll help you get started on your journey to homeownership!