According to the U.S. News & World Report, Denver is the second-best city to live in the U.S., and with good reason. There is so much to love about the Mile High City, from the more than 200 parks within the city limits and the nearby mountains, to the mild climate with more sunshine than San Diego or Miami Beach, to the thriving arts scene and booming businesses of Downtown Denver, the Denver Tech Center, and the surrounding neighborhoods there’s truly something here for everyone. All of these attributes have made Denver an attractive place to buy and sell homes, fueling this city’s active real estate market.
LIV Sotheby’s International Realty (LIV SIR) reports on the Denver Metro real estate market, sectioning into 57 neighborhoods. Collectively, comparing the year-end results of 2019 to that of 2018, new listings increased by 3.8%. The number of new listings that came onto the market during 2019 totaled 64,542, compared to 2018 when the total new listings amounted to 62,203. These additional new listings likely contributed to the 7.8% rise in total dollar volume sold throughout the course of 2019. These metrics illustrate the health of the market as we reflect on 2019 and continue into 2020.
Within the 57 neighborhoods that make up Denver Metro, there were specific market changes that should be noted. Cherry Creek North, a community loved for its proximity to the amenities of downtown Denver while maintaining a quiet residential reputation, saw an impressive 47.8% increase in properties sold in 2019 as compared to 2018. The average days on market for the Golden Triangle neighborhood dropped dramatically by 85.8% from 430 days in 2018 to just 61 days in 2019. Further south, average home prices in Lone Tree have grown 28.2% since last year. The average price for a home in 2019 was $873,140. Overall, there are plenty of opportunities throughout Denver Metro for sellers to reap the most dollars out of their investment in a home, as prices in many micro markets are steadily increasing.
LIV SIR also measures the performance of other communities along the Front Range and within many of the resort communities in the mountains such as South Metro, West Metro, the Foothills, Boulder, Summit County, the Vail Valley, Crested Butte, and Telluride. To learn more about the year-end real estate performance in specific neighborhoods within Denver Metro as well as the additional regions, please visit coloradomicroreports.com.
For all of your real estate needs, contact LIV Sotheby’s International Realty by calling 303.893.3200 or by visiting livsothebysrealty.com.