Real estate in the state of Colorado is regularly referred to as a competitive landscape by both by locals and those looking to plant roots here. While this may be true, each region, city, and neighborhood found within our beloved state provides various levels of performance and activity for real estate – as well as unique benefits for both buyers and sellers. To help with financial planning and researching the numerous areas of Colorado, LIV Sotheby’s International Realty (LIV SIR) produces Micro Market Reports (MMRs), analyzing the real estate market for distinct neighborhoods. The firm produces nine different reports with real estate statistics for each area: Denver Metro, South Metro, West Metro, Boulder, Foothills, Summit County, Vail Valley, Telluride, and Crested Butte. In addition, LIV SIR also shares a Luxury Report with data for Colorado’s luxury market.
“We are proud to provide these statistics as a resource for potential buyers or sellers to better understand the diverse Colorado market,” said Scott Webber, president of LIV Sotheby’s International Realty. “Looking at the performance for 2019, it’s clear the market is active, plus there are enhanced opportunities for buyers and sellers to both benefit with increases in average days on market (good news for buyers) and increases in average price (good news for sellers).”
The Mid-Year Micro Market Reports analyze data for January through June 2019, compared to the same time frame of 2018. The exact statistics shared in the reports include the number of new listings, the number of sold listings, the average price, the average days on market, the percentage of sold price to original list price, and the total dollar volume sold. These reports show increases or decreases in these stats, sharing further details into what that means for each particular market.
In Denver Metro, the report indicates a healthy market for sellers combined with opportunities for buyers. Impressively, LIV Sotheby’s International Realty represented a record-breaking sale of $10,750,000 this year, which was a residence within the exclusive Four Seasons Private Residences building.
Collectively for Denver Metro, new listings increased by 6.5%, total dollar volume sold increased by 2.3%, and the average price increased similarly by 2.5% – all good news for current or potential sellers. Interestingly, average days on market increased which means that buyers are in a great position heading into the rest of the year, granted with a little more time to make real estate decisions. That said, the average days on market is still below 30 days for Denver Metro.
Boulder County is once again proving to be an active market for real estate with the biggest increase for all of Boulder County being a 10.1% increase in the number of new listings. January through June of 2019, there were 3,805 new listings.
A significant highlight for the Foothills communities (Hiwan Hills, Genesee, Lookout Mountain, etc.) in this year’s report includes an 89.9% increase in the average price for Hangen Ranch, bringing the new average price in 2019 to $1,465,000, from $771,380 for 2018.
For Colorado’s esteemed resort communities, there were some record-breaking transactions including a $12,750,000 land sale in the Town of Telluride – the highest ever historically for the area, which was also represented by LIV Sotheby’s International Realty. Breckenridge also witnessed an astoundingly high price sale of $10,100,000, which is a 152.6% increase from 2018. Summit County, Vail Valley, and Crested Butte reported similar increases such as in average price and the highest price, which is great news for sellers. For buyers, there is also a benefit as average days on the market in many of these areas increased, meaning buyers will feel slightly less competition and less pressure to make rushed real estate decisions.
Navigating through a real estate transaction can be a tricky process, which is why it’s critical to have a seasoned professional advocating on your behalf. 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 discuss any reports further, or for assistance with your future real estate needs, call 303.893.3200 or visit www.livsothebysrealty.com.