How did Harvey Park Mid-Century Homes Sell in 2023?
2023 was a different year in Harvey Park, both seeing traditional homes in the neighborhood stay on the market for long periods of time with no offers, juxtaposed against a glut of inventory among mid-century modern homes. The total number of mid-century modern homes sold in the neighborhood dropped by over 50%, and we witnessed some inventory completely missing - only ONE Carey Holiday home came on the market last year, and only ONE custom mid-mod came on the market (and failed to sell).
Fortunately, those mid-mod homes that did come on the market last year sold relatively quickly, as long as they came on before the fall months, when the buyer market pretty much vanished until February 2024. Despite the high interest rates, we still saw an increase in price-per-finish-square-foot on mid-mod homes in Harvey Park, with an increase of about 2.5%.
Below, I have given my thoughts about what to expect through 2024, as well as a break down in home sales among the various brands of mid-century modern homes in Harvey Park. If you want more information about anything you see here, don’t hesitate to call, text, or write - 303-900-8220 or atom@ModernAtom.homes
Happy 2024!
What does 2023 mid-mod sales in Harvey Park tell us about 2024?
The mid-century modern home market in Harvey Park slowed down considerably in 2023 vs. 2022 in terms of volume, with only 51% as many homes selling last year. This was largely due to lack of inventory, and certainly not lack of demand. Despite the higher interest rates that have carried from 2023 into 2024, we can expect to see buyer demand remain strong for Harvey Park, as not only is home buyer demand relatively high in Denver anyway – but low inventory from last year will mean even greater demand from those who couldn’t get into a Harvey Park mid-mod home in 2023.
This strong demand should result in quick sales for carefully priced mid-mods – however, don’t get too ambitious on pushing your price high above the comps, unless you have time to wait for the right buyer to come along . . . higher interest rates have dampened buying power in this price range, and few buyers are willing or able to spend beyond their means or offer appraisal gap coverage – they will just rather continue to wait for a home that they can afford than to push hard to meed your aggressive price.
As has been the trend across the last 8 years or so, mid-century modern homes in Harvey Park will continue to be valued above their traditional counterparts - and you should be pleased to have invested in such a wonderful home!
Below is a breakdown by builder. Don’t know who built your home? Check out my Harvey Park Builder map at the bottom of this page to figure it out!