Over the past few months the Denver Metro real estate market has shown strength and resilience. Despite the uncertainties of the fall quickly approaching, such as the start of cold and flu season, the presidential election, and the seasonal real estate market slow down, consumers continue to buy and sell homes. But not only are they engaging with the marketplace, they’re doing so at an increasingly elevated rate.
According to historic market data, the Denver Metro real estate market usually experiences a dip in buying activity around September, but as reported in LIV Sotheby’s International Realty’s (LIV SIR) Monthly Market Report for August, market activity has actually increased in many facets this season.
In a year-to-date comparison of August of 2020 to August of 2019, total sales volume for Denver Metro has increased by 3%. This rise can be partially attributed to the 4% increase in both average list price and average sold price. As of August, the average list price for homes in Denver Metro was $518,657 and the average sold price was $497,445. As demand for homes in the area persists, the lack of available inventory pushes prices for properties upward. The desire to buy homes, and quickly, can be seen by looking at the average days on market. In August, homes spent 3% less time on the market, bringing the average days on market for Denver Metro homes to just 31 days.
Buyers looking to find their dream homes in Denver Metro are having a lot of luck in the luxury sector of the market, defined as homes priced at or above $1,000,000. According to the Monthly Market Report from LIV SIR, listings sold and total sales volume within the luxury market each grew by 6% in August, compared to the same time period in 2019. Consumers are quickly purchasing the luxury homes in this market which has cause a 10% decrease in the average days on market within this sector. Denver Metro is seeing an influx of new luxury listings coming onto the market, which will give buyers more options to choose from in an area that is typically low on available inventory. New luxury listings increased by 16% in August.
Several significant sales took place during the month of August. Perhaps the most impressive sale was 3901 South Gilpin Street, which was represented by LIV SIR brokers, Chris Bouc and Ian Wolfe. This gorgeous home sold for $9,000,000 last month. LIV SIR broker, Elaine Stucy, had the pleasure of representing the selling in the sale of 14065 Highway 83, in Colorado Springs which was the highest-priced residential sale in Colorado Springs.
It appears that there is still time for buyers and sellers to reach their real estate goals in the Denver Metro community this year. To learn more about the current market conditions and to view all of the Monthly Market Reports for the areas that LIV SIR serves, visit coloradomarketreports.com. And for all of your real estate needs, contact LIV Sotheby’s International Realty by calling 303.893.3200 or visiting livsothebysrealty.com.