Lower Highlands continues to be one of the most desirable neighborhoods in Denver. As 2014 comes to a close, so do numerous new construction projects in the area. Projects that began last Spring will be delivered over the next few months bringing a new wave of residents into the area, increased support for local businesses there, and continued community development.
16 new listings came on the market in November, ranging from $265,000 to $989,000. Of these listings, 163 are new construction that is yet to be completed. This is a great representation of what we have been seeing in the Lower Highlands market, with a large number of new builds to be delivered in 2015. Price per square foot in this neighborhood is on the rise as well. From scrapes to high end new construction, the average price per above grade square foot is well over $260.
While the sales of single-family homes have increased each of the last three months, the number of condos or townhomes sold have moved in the opposite direction. In the next few months, I would predict that the number of townhomes sold will outnumber single-family homes sold as the new builds are delivered. In line with that point, the average number of days on market is likely to decrease as well, when fewer listings are on the market or under contract for up to a year as construction takes place.
Prices in Lower Highlands continue upward as several high-end new construction projects come to fruition. Prices above 800,000 are becoming more common in the area and listings below 350,000 become more rare.
While inventory remains low, and buyers continue to search for the right home, this is a great time to list in Lower Highlands.