For those of us who are lucky enough to live in Denver, we understand why this city is consistently ranked as one of the best places to live in the U.S. With plenty of parks and being just a short drive from the Rocky Mountains, Denver is attractive to people looking for a balance of city and open space. And much like the people who call the Mile High City and its surrounding neighborhoods home, each community within Denver is unique.
Each quarter of the year, LIV Sotheby’s International Realty (LIV SIR) reports on the Denver Metro real estate market. This Micro Market Report conveys the performance of the real estate markets in 58 different neighborhoods across Denver. During the first quarter of 2020, the Denver Metro Micro Market Report showed strength and resilience despite the unprecedented challenges caused by COVID-19 that disrupted everyday life beginning in March. LIV SIR is using technology to continue fully operating through a remote work plan designed to allow the firm to remain a resource for the community and ensure that clients are supported.
As a whole, comparing the Q1 performance of 2020 to that of 2019, sold listings in Denver Metro increased by an impressive 8.1%, which brought 10,888 sold listings to the market throughout the first three months of the year. The average price for houses in Q1 showed an upward trend, growing by 6.6% for single family homes and 3.9% for condominiums. As a result, the overall total dollar volume sold rose by 13.4% in Q1 when the total reached $5,248,863,111 compared to last year when the total sales volume reached $4,629,021,069.
Within the 58 neighborhoods that make up Denver Metro, many neighborhoods experienced noteworthy activity throughout Q1 of 2020. Southglenn saw a formidable increase in properties sold, growing by 133.3%. During Q1 of this year, there were 14 homes sold in this community compared to the same time frame in 2019 when there were just six homes sold. This increase in sold homes speaks to the value homebuyers are seeing in listings within the area.
Downtown Denver also saw a boost in the number of properties sold throughout Q1. In a comparison of January through March of this year to the same time period in 2019, Downtown Denver increased in properties sold by 52.4%. In Q1 of 2020, 128 homes sold in this thriving urban community but in Q1 of 2019 84 homes sold. The drastic increase highlights Downtown Denver’s popularity and illustrates the demand for homes in this neighborhood.
Homebuyers in Crestmoor were very motivated during Q1 of 2020. Listings in this community were on the market for 78% less time, averaging only nine days in Q1 of this year compared to 41 in Q1 of 2019. Heritage Greens also saw a drop in average days on market, decreasing by 60.6%, from 71 days in the first quarter of 2019 to 28 days in the same time period this year.
Although unforeseen circumstances have affected the real estate market here in Denver, and across the country, the data collected in this Micro Market Report indicates that there are still opportunities for homebuyers and sellers to reach their real estate goals in Denver Metro this year. To view the full Denver Metro Micro Market Report and to take a look at Micro Market Reports for other regions including Boulder, West Metro, the Foothills, South Metro, the Vail Valley, Summit County, Telluride, and Crested Butte, visit coloradomicroreports.com. For all of your real estate needs, contact LIV Sotheby’s International Realty by calling 303.893.3200 or visiting livsothebysrealty.com.