As the Colorado real estate market continues to evolve, so does the importance of understanding current market trends.
LIV Sotheby’s International Realty just released its Micro Market Reports, comparing Colorado real estate data from January through September of 2018 to the same time frame of 2017. For Denver metro neighborhoods, the foothills and Boulder County, new buyers continue to increase, resulting in higher average prices.
“We are seeing a trend across the board that average days on market has remained relatively low throughout 2018 and average price has increased, meaning that now is an opportune time for sellers,” said Scott Webber, president of LIV Sotheby’s International Realty.
The LIV SIR report sections the Denver metro area into 54 neighborhoods. For January through September 2018, the number of new listings, listings sold, days on market, and percentage of sold-price to original list-price remain similar to 2017. However, the reported average price continues to rise in 2018, with an 8.6 percent increase in average price for single-family homes (rising to $515,455 in 2018) and an 11.3 percent increase in average price for attached dwellings (rising to $347,707 in 2018).
In addition, the total dollar volume sold also rose in 2018 by 5.6 percent. The good news for sellers is that buyers are willing to pay higher prices with a limited amount of new inventory.
West metro statistics are detailed in a separate report, covering 20 neighborhoods west of the city. Four neighborhoods in this area saw average price increases of over 10 percent, and eight neighborhoods reported a decrease in average days on market of over 40 percent. Most notable is Alkire Estates’ average days on market reporting at two days in 2018, compared with 80 days last year.
South metro includes neighborhoods covering the southern I-25 corridor, with a 10-plus percent increase in average price for six of the neighborhoods and a 20-plus decrease in days on market for another six of the neighborhoods. Keene Ranch reported the highest average price increase of 19.2 percent, to $1,177,143.
Overall, the foothills communities (Evergreen, Genesee, Lookout Mountain, etc.) resulted in some noteworthy decreases in days on market and increases in price. Seven neighborhoods had a drop of average days on market of over 40 percent, and nine neighborhoods showed an increase of properties sold by 30-plus percent.
For Boulder County, the results are similar year-over-year. Sold listings, average days on market, and percentage sold-price to original list-price remain level. However, a dip in new listings possibly caused the notable 9.6 percent increase in average price to $663,938. Total dollar volume sold also increased a similar 9.5 percent.
Interestingly, sold condos resulted in a 6.2 percent increase to 1,050 condos sold in 2018, compared with 989 condos sold in 2017.
With the continued increase of performance in real estate in Denver, Boulder and the foothills, the value of having a seasoned professional advocating on a buyer’s or seller’s behalf has never been more important.
LIV Sotheby’s International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home. Reports can be found at ColoradoMarketReports.com.
LIV Sotheby’s International Realty, the exclusive Board of Regent for the Who’s Who in Luxury Real Estate, has 16 office locations in metro Denver and surrounding areas, including Boulder, Castle Rock, Cherry Creek, Clayton Street, Denver Tech Center, downtown Denver, Evergreen and the resort communities of Breckenridge and the Vail Valley. For more information, call 303-893-3200. To service all of your real estate needs, visit LIVSothebysRealty.com.
The news and editorial staffs of The Denver Post had no role in this postap preparation.
