As Colorado continues to develop as a national leader in many sectors including commerce, recreation, research, energy, employment, cultural activities, and sporting events- home values continue to rise. Although the influx of new residents has tapered slightly in 2017, the Denver and Boulder real estate market remains robust, and still favors sellers. In Q3 2017, the number of sales have increased 2.9% year-over-year, though the number of new listings coming on the market is up only 0.3% in Denver metro, making for fewer choices and continued-competitive conditions in the marketplace.
“At the third quarter point of 2017, Denver continues to be one of the top performing markets in the country,” said LIV Sotheby’s International Realty president, Scott Webber. “Overall, the market is growing, and at just over $17B year-to-date in Total Dollar Volume Sold, is running 10.8% higher than the same time last year. We’re entering our third year of double-digit increases, and provided that there are no major disruptions to the economy, we expect those numbers to continue to rise.”
The average price of single family homes and condos combined rose 7.7% in Q3 2017, resulting in an average price of $427,031 in Denver metro. In the city of Denver, the average price of single family homes and condos rose 10.9%, resulting in an average price of $471,498.
Across the board, days on market held at 23 days on average. Excess demand and short supply drive prices higher, meaning full price offers are still the norm with an average list price to sell price ratio of 99.4% throughout the Denver metro area.
In Boulder County, the real estate market continues as one of the strongest in the country in Q3 2017, in terms of price appreciation, number of units sold, and overall sales volume on a per capita basis. The number of sold properties from January – September 2017 is up 4.4% from the same time period in 2016, with 3,525 transactions taking place in total.
The Boulder Area MMR indicates that the average sales price of single family and attached dwellings combined rose 4.1%, resulting in an average price of $606,870.
“New listings rose 10.7% in Boulder county and 11% in the city, meaning slightly more options for buyers, though the balance between inventory (supply) and buyers in the market (demand) varies widely between communities, property types and price ranges,” said LIV SIR Boulder managing broker, David Carner. “Louisville, where supply is very low, saw a 30% rise in properties sold year-over-year, making for an incredibly hot market. Similarly, University Hill and Chautauqua’s number of sales has increased 53.6%, and the average price has increased 6.1%. On the other hand, Mountain and Canyon Communities have larger inventories of available listings, and not as much demand as there once was for this property type. The number of properties sold there have decreased by 14.7% in the last year, and average price dipped 3.2%, demonstrating that the market is trending toward a desire for convenience and amenities, over privacy and space, in terms of location.”
Overall, the Boulder real estate market remains nestled in the midst of a very competitive and fast-moving market, with many positive economic variables that indicate there will be continued strong demand
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 accessed as www.coloradomarketreports.com.
For more information, contact Brittanny Havard, public relations manager, LIV Sotheby’s International Realty at 303.486.3738. To list your home for sale with LIV Sotheby’s International Realty, please visit www.livsothebysrealty.com or call 303.893.3200.