Across the Denver Metro area, there is a shortage of inventory, meaning there are more buyers than there are homes for sale. One specific market that has benefited from these conditions is the Bel Mar neighborhood in Lakewood Colorado.
Bel Mar is a specific neighborhood that has become very popular after the Bel Mar shopping Center was completed as part of an urban development project. Bel Mar is a part of the Jefferson County School District and specific public schools for the area include Deane Elementary, O’Connell Middle and Alameda High School.
Bel Mar currently has 9 homes for sale, 3 of which are ranch style, 3 are 2-story, 2 are town homes and 1 is a condo. All of the homes listed were built between 1957-2013, have 1-4 bedrooms, 1-5 bathrooms and 633-4,458 square feet. These homes have been on the market for an average of 101 days, listed at an average of $436,364 or $157.75 per square foot.
8 homes in Bel Mar are now under contract after spending an average of 20 days listed at an average of $232,399 or $174.19 per square foot. 2 of these homes are townhomes, 2 are 2-story, 2 are condos, 2 are ranch style and all were built between 1928-2013. These homes have 2-3 bedrooms, 1-3 bathrooms and 840-1,263 square feet.
Over the past three months, 12 Bel Mar homes have sold for an average of $620,000 after being listed at an average of $645,000 and spending an average of 77 days on the market. These sold homes have 2-4 bedrooms, 2-3 bathrooms and 1,080-2,796 square feet. All of these homes were built between 1952-2013, 3 are 2-story, 6 are town homes and 2 are tri level.
It is clear that the current market conditions in Bel Mar have remained fluid despite the lower inventory levels. Recently, homes in the area have been spending a bit longer on the market, but are still selling in a reasonable time frame. This area is obviously in high demand among buyers.