Denver Metro – Mid-Year 2019
Denver Metro is consistently ranked as one of the best places in the country to live, offering an unbeatable lifestyle with ideal weather, panoramic mountain views, and an acclaimed food and beverage scene. The economy is also strong in Denver Metro, with more businesses planting their roots in the area, thus bringing in more people from out of state for new opportunities.
LIV Sotheby’s International Realty provides a Micro Market Report, analyzing the various neighborhoods that complete the Denver Metro area. The 2019 Mid-Year Report looks at real estate performance for January through June of this year, compared to January through June of 2018. Collectively, new listings increased by 6.5% this year bringing the 2019 total to 36,424 new listings. Total dollar volume sold increased by 2.3% and average price also increased similarly by 2.5%, bringing the 2019 average price for all of Denver Metro to $479,274. Interestingly, average days on market increased which means that buyers are in a great position heading into the rest of the year, granted with a little more time to make real estate decisions. That said, the average days on market is still below 30 days which means sellers are still able to benefit and buyers still need to act fairly quickly.
Across the diverse Denver Metro neighborhoods, there are notable increases in average price including an impressive 33.6% increase for Cherry Creek North (single family and condos), bringing the average price to $1,386,222 in 2019 from $1,037,616 in 2018. The number of properties sold increased in many neighborhoods as well, with the most notable being a 48.5% increase for Observatory Park with 49 properties sold so far in 2019 compared to 33 in 2018.
Denver Metro continues to attract buyers from both within and outside of the state of Colorado. The 2019 Mid-Year Report proves a consistently healthy market for real estate. Buyers do have a unique advantage with average days on market increasing in some areas, meaning more time to make real estate decisions. Sellers continue to have an advantage with increases in average price and average price per square foot.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated):
Baker, Belmar, Bell Mountain Ranch, Berkeley, Bonnie Brae, Belcaro, Bow Mar, Capitol Hill, Castle Pines North, Castle Pines Village, Cheesman, Cherry Creek, Cherry Ceek North, Cherry Hills Village, City Park, City Park, Cory-Merrill, Columbine Valley, Congress Park, Country Club, Crestmoor, Downtown (condos), Golden Triangle, Greenwood Village East, Greenwood Village West, Hale Mayfair, Heritage Greens, Highland, Highlands Ranch, Hilltop, Homestead, Ken-Caryl North Ranch, Keen Ranch, Ken-Caryl Valley, Lakewood, LoHi, Lonetree, Lowry, The Meadows, Montclair, Observatory Park, Park Hill, Platt Park, Polo Reserve, Pradera & Timbers, Saddle Rock Golf Club, Sloan’s Lake, Southglenn, Southern Hills, Stapleton, Tallyn’s Reach, Uptown, Washington Park East, Washington Park West, West Highlands.