The 2022 Slifer Report | Denver

CONTENTS

Reflecting Back on 2021 3

Forbes Global Properties 4

Denver Market Overview

Denver Luxury Market Overview 7

OUR COMMUNITIES

Riverfront Park & Downtown 8

Highlands &LoHi 9

Sloan’s Lake 10

Cheesman & Congress Park 11

Cherry Creek 12 Hilltop ................................................................................. 13

Country Club 14 Washington Park 15

Observatory - University Park 16

Belcaro & Polo Club 17

Cory - Merrill 18

Cherry Creek Country Club 19

Cherry Hills Village 20 Greenwood Village 21 Polo Reserve 22

Castle Pines Village 23

STAY UP TO DATE ALL YEAR LONG

Our team of market experts updates the Slifer Report every quarter. To see the latest numbers and dive even deeper into the report scan the code or visit: SliferDenver.com/Slifer-Report

Source of all date contained in this report is REColorado, Multiple Listing Service 1.1.2112.31.21. Information is deemed reliable but not guaranteed. Consult your Slifer Smith & Frampton Broker for more information.

©2022 Slifer Smith & Frampton Real Estate

LOOKING BACK ON 2021, AN UNPRECEDENTED YEAR

Hello, and thank you for taking the time to review The Slifer Report. Slifer Smith & Frampton, a Forbes Global Properties Founding Member, prides itself as the only real estate company in the Denver metro area that publishes a comprehensive set of quarterly statistics such as this. We hope you find the information helpful.

What a wild year 2021 was for Metro area real estate. Just when we thought it couldn’t get any wilder, 2021 unfortunately ended with the loss of 1,084 homes in Boulder County to the Marshall fire. An additional 149 homes were damaged. Meanwhile, residential inventory in the Metro area was at an all-time low of only 7,340 units available during the entire month of December. What a difficult blow to lose so much housing stock at once. Our hearts go out to those who were impacted by the fires as their task of locating replacement housing is extremely difficult now. Second homeowners are encouraged to reach out to Boulder authorities to offer those residences to those who may desperately need them now.

While the number of transactions went down by almost 1,500 in Metro Denver, sales volume went up by almost $5.5 Billion. The number of luxury home transactions over $1.0 Million increased by 33% while total sales volume of same increased by about 66%. Denver’s $1.0 Million and up market is experiencing unprecedented demand and price appreciation. In three short years, from 2018 to 2021, Denver’s luxury home market sales volume tripled, from $3.3 Billion, to $10.5 Billion.

Single Family Homes are in high demand during these pandemic times. Urban, suburban, rural and resort lifestyles are all options now, particularly as remote work continues to persist as an alternative for many. Urban condominiums experienced the softest pricing in 2021 yet continue to experience overall gains in value too. This is simply a function of not enough housing supply.

2022 promises to return more value gains as we begin the year with extremely low supply and high ongoing demand. Compared with many other markets, particularly coastal markets, Denver remains more affordable, and equity gains from those markets continue pouring into our market. We don’t see any substantial change in 2022 and we predict continued high prices, short selling times, bidding wars, and unprecedented equity gains.

It’s a great time to be a homeowner, or to sell a property. Buyers continuing to delay purchases in favor of “waiting it out” may wish to re-think that strategy. As we begin this New Year, one thing remains the same: Slifer Smith & Frampton provides our clients with the stability of a locally owned, community-oriented company that’s been in existence for 6o years.

May 2022 serve your housing wants and needs well.

Established in 2020 with 10 founding members, the invitation-only network now spans 135 locations and comprises approximately 2,400 luxury property experts across the U.S., Asia, Australia, Canada, Mexico, the Middle East, and Europe. More than 100 million monthly visitors to forbes.com enjoy unrivaled access to an elite collection of properties presented within the hallmark context of trusted editorial content and timely market data.

DENVER MARKET OVERVIEW

LUXURY MARKET OVERVIEW

This past year interest rates hovered around 3% but there are several forecasts suggesting interest rates could go to 4% by the end of 2022. The National Association of Realtors forecasts the 30-year fixed mortgage rate to grow to 3.5% sometime in 2022.

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- JOY VAN GILDER | Broker

OBSERVATORY - UNIVERSITY PARK

This is the best market in my 20 years of experience and the toughest market for buyers. Sellers still need to clean, paint, remove items and thin out. Sellers still get the highest price with a little effort and following agent/stager suggestions. Buyers need to be working with a full-time agent with experience. Be ready to act fast to see homes. Get prequalified with a great lender that seller’s agents respect locally, be serious about your part time job of house hunting and be ready to act fast to get into home and make offers as soon as possible. It is not uncommon to see bidding wars, limit inspection objection items, and offer appraisal gap coverage to win the home of your dreams. Owning your own home is still the best long term investment that you can have.

- BRENT JONES | Broker

CHERRY CREEK COUNTRY CLUB

We are in unprecedented times with Denver real estate - but something to remember is that it will always be beneath our feet.

- TANYA HELLER | Broker

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CHERRY HILLS VILLAGE

The outlook for 2022 in Denver looks a lot like 2021: ultra low inventory coupled with very strong offers from buyers trying to win bidding wars, pushing prices up to record highs. All the while Denver has added nearly 20% more people over the past decade. Combine all of the above and you get a continued seller’s market that doesn’t appear to be headed for balance any time soon.

“ “- SCOTT LEGGETT | Branch Broker

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2022 is jumping in right were it left off in 2021, a strong Seller’s market. Inventory in the Denver metro area is less than 2,000 homes and lots of Buyers fighting for those homes. I don’t see a correction in this market until we get more inventory. The most important thing for buyers in this market is to be prepared. Make sure you are working with a good lender, have your documents in and be ready to make the best offer you can. See the home as soon as possible and don’t wait until the last minute to make the offer. The other important thing to keep in mind is that nothing in life is perfect and making some compromises are going to be necessary. With that being said, I believe you end up in the house you are meant to be in. It’s competitive but keep the faith that you will find something great.

- LINDSAY McBRIDE | Broker

CASTLE PINES VILLAGE

Advantage, Slifer.

Denver is popping with possibilities. Whether you’re a classic city dweller or enjoy space to roam, the opportunities are virtually limitless. Diverse neighborhoods, a vibrant cultural scene and the dynamic business community make our city a trending topic and we know every nook and cranny. And, our finger is always on the pulse with our time-honored brand partner, Forbes Global Properties. Get a fresh take on all-things-real-estate with Forbes’ trusted industry news and a front row seat to distinctive residences in your neighborhood and around the world. Feel the advantage of Slifer Smith & Frampton and be part of the energy that is Denver.

CELEBRATING 60 YEARS

Founded on Bridge Street in 1962 back when Vail was a fledgling ski hill, no one has the connection to Colorado real estate that Slifer Smith & Frampton does. Over the years we have grown from a one man operation, to the hundreds of brokers you know today working in every neighborhood from Denver to Aspen. Oh, how the times have changed.

STAY UP TO DATE ALL YEAR LONG

Our team of market experts updates the Slifer Report every quarter. To see the latest numbers and dive even deeper into the report scan the code or visit: SliferDenver.com/Slifer-Report