Central Park Real Estate Trends

Real Estate sales in the Central Park neighborhood hit an all-time high in 2013. With record low inventory, record low interest rates and lots of buyer demand,  many homes sold with multiple offers, bidding wars and a sales price well above the asking price.  Many experts referred to the first half of 2013 as a “frenzied” buyer market which sharply pushed up prices.  During the second half, the frenzy cooled because of rising interest rates but inventory remained low and home sales still continued at record numbers.  Overall there were a total of 442 home sales, which was by far the most sales Central Park has seen since its last record year in 2012 with 359 sales.  Median home prices have also continued to increase because of low inventory and high demand, with median prices landing around $401,870.

Right now is the time to buy real estate in the Central Park neighborhood because interest rates are expected to rise in 2014. In addition, we expect inventory levels to remain low which will support rising prices.  This means you can afford much more home now than say in a few months. A good example would be to look at the mortgage payment of a $500,000 home.  Assume current interest rates of 4.5% and a 20% down payment for a total of a $400,000 loan. If you calculate that mortgage payment you are at a monthly mortgage of $2,026. Assume interest rates rise to 5.5%. To afford the same monthly payment, you can now only afford a $446,250 home. This is a 10.75% loss of purchasing power and it doesn’t even assume any price appreciation. This could mean the difference between purchasing a home with a finished basement and an unfinished basement!

The Neir Team has 10 years of successfully selling Central Park real estate.  We have worked with numerous Buyers and Sellers in all different prices ranges including new construction and resale homes. From Brownstones to Estate homes we love selling it all because we love Central Park and we love helping people. (We might be a bit biased because we live there.)

And now with the revamp of our website, searching for homes in Central Park has never been easier.  With the click of our quick search button, you can search for homes in the Central Park neighborhood or any city close property in Denver. We have dedicated a lot of time to write about the wonderful amenities of the neighborhood, up to date builder information, park & pool information. You name it, our website is the resource.

If you are looking to buy or sell real estate in the Central Park neighborhood, please give us a call at 720-280-3004 to speak with Stacy or 720-935-4399 to speak with Alex.