In this issue of Won’t You Be My Neighbor? Vida Real Properties looks at home market conditions for Denver’s Montbello, zip code of 80239 (see map). For years, this neighborhood has had a reputation as not the best part of Denver, including its crime rate and school ratings. Montbello is split into old ( west end of area, closer to Peoria) and the newer (east side, closer to Chambers) area. However, like many other parts of the Denver Metro Area, changes have also impacted Montbello.
Housing Market – Five Year Trend
Let’s look at housing prices in the last five years. At one point in early 2012, the median home sold price was just under $125k. Today’s prices easily surpass $260k. You can also see the median Days on Market (DOM) staying under 10 days for the most part in the last three years. Interest rates were even a tad lower back then they are today. That means that at a purchase price of $125k, 5% down and 4% interest, you were looking at a $567/mo PI payment. At a $260k price point, that would be about $1215/mo with also 5% down but 4.15% interest. Not to mention an increase in taxes and insurance.
Housing Inventory Active For Sale
The number of all active listings for the 80239 zip code is only nine (12). The table above shows that the median price is $305k for a 1,923 sq.ft. home with 4 beds/3 baths. Remember the stats provided in the first section is for sold homes only. However, it still shows the trend is to price homes much higher than those that just sold.