The housing market in Metro Denver saw a strong finish to 2019. December of last year proved to be a healthy month for many sectors of the Metro Denver real estate market, according to LIV Sotheby’s International Realty’s (LIV SIR) monthly market reports.
Total year-end sales volume in Metro Denver for 2019 increased by 7% compared to 2018. The rise in sales volume can likely be partially attributed to the 3% growth in average sold price, rising from $460,801 in 2018 to $475,571 in 2019. The number of homes sold also grew from 51,665 in 2018 to 53,788 in 2019. The average list price for a home in Metro Denver in 2019 was $505,558, a 4% increase from 2018.
Homes in the luxury sector of the market, which is currently defined as homes priced at or over $1,000,000, also experienced some positive activity through the end of 2019.
Total properties sold in 2019, as compared to 2018, rose by 18%. Total sales volume mirrored that growth, also increasing by 18%. Another interesting metric is the 14% drop in the average days on the market for luxury homes, dropping the average days on market from 72 days in 2018 to 62 days in 2019. While the luxury market was very active last month, the average sold price of luxury homes in Metro Denver only changed by 1% in a year-over-year comparison. During 2018, the average sold price for a home in this sector of the market was $1,526,599 whereas the average sold price was $1,535,900 during 2019.
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. Using the valuable information from these reports, home buyers and sellers can stay informed on the market’s performance and local real estate trends which is useful when making informed financial decisions.
Preparing to list your house for sale in the new year? 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.