Downtown Denver condos market has come alive again since the Great Recession. A comprehensive report by Land Title Guarantee Co reveals that the downtown Denver condos market exhibited superior performance in 2012 when compared to the preceding year, 2011. During 2012, a total of 471 condominiums were sold, marking a substantial increase of 63.5% compared to the 288 condominiums sold in 2011.

Overall dollar volume increased 106.7% to $281.9 million compared to $136.4 million in 2011. The primary catalyst behind the surge in dollar volume was the Four Seasons Private Residences Denver, which successfully sold out by implementing price reductions of up to 50%. According to MLS data, the overall market witnessed a substantial 17.5% increase in closings and a notable 14% rise in dollar volume.

The majority of the dollar volume in the downtown Denver condos market was attributed to Four Seasons Private Residences Denver and Spire. Four Seasons achieved sales totaling $119 million in 2012, constituting 42.3% of the total dollar volume, while Spire contributed 19% to the overall dollar volume with sales amounting to $57.7 million.

Spire accounted for almost 25% of the total sales with 117 units sold while Four Seasons accounted for 18% of the total sale with 83 units sold. Spire currently is selling about 8-10 units a month and is expecting to be sold out by the end of this year. Spire average sold price per square foot was $470 in 2012 and is well north of $470 this year.

Data from MLS indicates that the downtown Denver condos market is currently characterized by a significant improvement, with a supply of less than four months. This demonstrates a remarkable development, showcasing a nearly 30% reduction in supply levels when compared to the market conditions in 2011. This positive shift underscores the increased demand and robust performance of the downtown Denver condos market. Buyers are finding a more competitive landscape, and sellers are benefiting from reduced inventory, creating an environment that offers advantages to both sides of the real estate equation.