LIV Sotheby’s International Realty (LIV SIR) just released their Quarter 3 Micro Market Reports (MMRs), analyzing the real estate market for the Denver Metro, Boulder County, the Foothills, Summit County, and the Vail Valley. Positive results were reported for each of the areas, with each neighborhood bringing a unique set of data points. Each of the MMRs compare January through September 2018 statistics to the same time frame of 2017, for single-family homes and attached dwellings in the residential areas the brokerage serves.
“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.
In the Denver Metro, which is sectioned into 54 neighborhoods, 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% increase in average price for single-family homes (rising to $515,455 in 2018) and an 11.3% increase in average price for attached dwellings (rising to $347,707 in 2018). In addition, the total dollar volume sold also raised in 2018 by 5.6%. The good news for sellers is that buyers are willing to pay higher prices with a limited amount of new inventory.
“In addition to the Denver Metro, LIV SIR reports on the South Metro and West Metro which also provide similar results for growth, but different results in terms of pace. Overall, it’s exciting to see how much the Denver Metro has increased in value, even with the surplus of new builds,” said Webber.
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% increase in average price to $663,938. Total dollar volume sold also increased in 2018 by a similar 9.5%. Interestingly, sold condos resulted in a 6.2% increase to 1,050 condos sold in 2018, compared to 989 condos sold in 2017.
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% and nine neighborhoods showed an increase of properties sold by 30+%.
In Summit County (Breckenridge, Copper Mountain, Keystone, etc.) average days on market dropped a notable 22.2%, landing at an average of 49 days in 2018. Now is an ideal time for sellers in Summit County as the average price increased 11%, confirming buyers are making purchasing decisions quicker and at higher rates than in 2017. The number of single-family homes sold are comparable year-over-year with a 1.8% increase to 403 single-family homes sold January through September 2018.
Demand for real estate in the Vail Valley continues to rise, with an 11.1% decrease in average days on market and an 11.5% increase in average price to $1,237,349 in 2018. Total dollar volume sold for all properties also increased by 9.8% in 2018. For sellers, now is an ideal time to list your property in the Vail Valley with buyers spending more and inventory lowering.
With the continued increase of performance for real estate in Denver, Boulder, the Foothills, and Colorado’s resort markets, 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.
To service all your real estate needs call 303.893.3200 or visit www.livsothebysrealty.com.