May 2025 Your Castle Real Estate Newsletter

A New Era for Ball Arena

If you’ve ever parked outside Ball Arena for a Nuggets game, concert, or Avalanche playoff run, you probably know the Tundra Lot well. Now, that familiar stretch of asphalt is on the verge of a major transformation. Kroenke Sports & Entertainment has submitted plans to turn the site into a vibrant, mixed-use area, starting with a 244-room hotel, a performance venue, and two 12-story residential towers totaling 300 units—all built over an underground parking garage.

The project is the first phase of a larger vision to redevelop nearly 70 acres around Ball Arena, home to the DenverNuggets, Colorado Avalanche, and Colorado Mammoth. This phase, dubbed “Phase 1A,” will sit on 3.7 acres just east of the arena at 1000 Chopper Circle and will include new retail, restaurants, and public gathering spaces. While concept plans are subject to change and city approval, they signal the start of a multidecade transformation of one of Denver’s most recognizable entertainment corridors.

One of the most eye-catching components? A pedestrian bridge over Speer Boulevard, known as the Wynkoop Crossing Pedestrian Bridge. The bridge will connect the new development directly to Lower Downtown, creating seamless walkability between Ball Arena and the heart of Denver’s dining, nightlife, and transit options. The bridge will land at Cherry Creek where Wynkoop Street currently ends, linking the new plaza-level space with the city’s existing grid.

Plans also include major upgrades to entertainment and hospitality offerings. The performance venue, located near Speer Boulevard, will span 173,500 square feet and include nearly 140,000 square feet of indoor entertainment space. Dining and drinking establishments are woven throughout the entire development—including ground-floor restaurants, bars, and cafes in both residential towers, which are expected to include studios, one-bedrooms, two-bedrooms, and penthouses.

According to the Denver Business Journal, the broader redevelopment could eventually bring 6,000 housing units, 780 hotel rooms, a childcare center, recreation amenities, a new park, and countless retail options to the area. Construction could begin as soon as next year, but the full vision may take up to 30 years to complete. In the meantime, this initial phase signals that Denver is ready to rethink how we use space around our most iconic venues—and longtime locals will soon see a very different Ball Arena experience.

Hot, Cold, and Everything In Between: A Spring Market Snapshot

Denver’s spring real estate market is often as unpredictable as its weather—and this year is no exception. Activity surged one week with strong buyer interest and quick sales, only to slow the next as fluctuating mortgage rates and broader economic uncertainty made buyers more hesitant. Overall, consumer sentiment leaned cautious, with both buyers and sellers ready to engage—but only when the numbers aligned with their personal goals. The market moved with a measured pace, fueled more by life transitions than by speculation or urgency.

One trend that’s held steady since January is the rise in both new listings and active listings at month’s end. While this seasonal increase is expected in spring, the scale this year stands out. At the end of April, there were 11,964 active listings across metro Denver, a 71.16% increase year-over-year, and 7,062 new listings—a jump of 18.13%. According to DMAR, national inventory is on the rise and projected to return to pre-pandemic levels by late 2025. For context, the historical average number of active listings in April (1985–2024) is 13,871. While we’re not back to that baseline yet, we’re closer than we’ve been in years. April’s 22.53% increase in active listings from March outpaced the historic average of 10.96%. Interestingly, this inventory surge didn’t cause prices to fall. Instead, we saw a month-over-month increase in the median sales price. It’s a sign of stabilization, not decline. Zooming out to the Case-Shiller Home Price Index, Denver home values are now 0.4% above Q2 2022 and 0.4% below our Q2 2024 peak. This is a leveling off—not a crash.

Pending home sales dipped slightly month-over-month, down 2.22% for detached homes and 2.43% for attached homes. That may sound surprising given the rise in inventory, but pricing stayed strong. The median sale price for detached homes in April was $665,000, up 0.76%, while attached homes saw a 0.55% increase to $389,900. Compared to last year, attached homes are down 6.05% in median price. Year-to-date, we’re tracking a 1.82% decline in closed transactions year-over-year. This mix of signals—stable pricing alongside fewer pending contracts—points to a market that’s cautious but not cooling off entirely.

As more listings hit the market, days on market has grown longer. Homes spent a median of 13 days on the MLS in April. That’s down from March, but up 62.5% year-over-year. Sellers should be prepared for longer timelines and more negotiation, especially on homes that aren’t move-in ready or priced precisely. Buyers are moving more deliberately, and today’s competitive edge lies in preparation and strategic positioning, not urgency.

For Sellers:

With inventory rising and buyers becoming increasingly selective, sellers are entering a competitive environment. Each listing now needs to earn buyer attention. Strategic pricing, thoughtful staging, and strong marketing are essential. While homes are still selling—and median prices are holding—buyers are quick to move on if something doesn’t feel like a good value. One national trend holding strong here in Denver: seller concessions. According to Redfin, 59.2% of home sales in the Denver area during Q1 2025 included some form of seller concession, placing us fifth among major U.S. cities. If you’re thinking about selling, be sure your strategy includes room to negotiate while still protecting your bottom line.

For Buyers:

Interest rates, talk of a recession, and fluctuating confidence have many buyers feeling cautious—but prepared buyers are finding opportunity. Focus on your long-term goals and your local reality. The rise in inventory means more choice, more room to negotiate, and more time to make the right decision. That said, desirable homes that are well-prepared and well-priced are still moving fast. Flexibility and preparation are key. And concessions? They’re more common than they’ve been in years—59.2% of Q1 Denver home sales included one, creating chances to offset closing costs or lower your monthly payment. The best deals right now are going to buyers who are clear on their goals and ready to act.