We’re in the home stretch of 2019 and many consumers are already thinking about the new year. The real estate market remains strong as we head into 2020. According to LIV Sotheby’s International Realty’s (LIV SIR) monthly market reports, many areas in Metro Denver are seeing positive activity within the housing market.
Each month, LIV SIR analyzes the various Colorado markets by looking at performance comparing 2018 to 2019 statistics year-to-date and the last 12 months – year over year. The purpose of these reports is to assist home buyers and sellers by keeping them informed with the latest performance updates on local real estate trends. With this valuable information, consumers can make more informed financial decisions.
Total year-to-date sales volume in Metro Denver through the month of November increased by 6% compared to the same time frame of 2018. This increase was most likely thanks to a 3% increase in the number properties sold, as well as a 3% increase in the average sold price. The number of homes sold grew from 48,195 January through November of 2018 to 49,623 through the same time frame of this year. The average sold price saw a similar rise, increasing by 3% through last month, from $461,860 in 2018 to $475,625 in 2019. The average list price for a home in Metro Denver year-to-date through November of 2019 is $506,411, a 4% increase from the same time frame of 2018.
Homes in the luxury sector of the market, defined as homes priced at or over $1,000,000, also experienced some positive activity through November of this year. Total properties sold through November of this year, as compared to through November of last year, rose by 15%. Total sales volume also showed a significant increase of 15%. Another impressive metric is the dramatic 14% drop in the average days on the market for luxury homes, dropping the average days on market from 71 days in 2018 to 61 days in 2019. Adding to this year’s growth compared to last year, the number of listings sold increased by 29% for just the month of November – increasing the number of listings sold from 106 in November of 2018 to 137 in November of 2019.
A notable sale for Metro Denver last month was the sale of 4949 South Fairfax Street in Cherry Hills Village. LIV Sotheby’s International Realty broker Casey Perry assisted in the $7,250,000 sale of this expansive estate. The home sits on 2.3 acres and is surrounded by beautiful landscapes and a mountain view.
Another significant sale worth mentioning in Metro Denver during the month of November is the sale of 444 North Garfield Street in Denver. This beautiful home sold for $3,633,950. LIV SIR brokers, Trish Bragg and Maggie Armstrong, assisted the sellers in the sale of their home.
Consult with a trusted real estate advisor today to learn more about how your real estate goals can be achieved by calling 303.893.3200 or visiting livsothebysrealty.com. To view the monthly reports produced by LIV Sotheby’s International Realty, visit coloradomarketreports.com. For more information, contact Amanda Molitor, public relations manager, at 303.486.3770.