Denver Metro – Quarter 3 2018
Panoramic mountain views, a strong economy, trendy restaurants and entertainment, and a heart for innovation, are just a few of the reasons many people are proud to live in the Denver Metro. While the Denver Metro area continues to attract new buyers, the rate of available housing lags slightly behind, even with steady new development.
LIV Sotheby’s International Realty reports on the Denver Metro’s real estate market, sectioning into 54 neighborhoods. For January through September 2018, the number of new listings, listings sold, days on market, and percentage of sold-price to original list-price, remain similar to 2017. However, the reported average price continues to rise in 2018, with an 8.6% increase in average price for single-family homes (rising to $515,455 in 2018) and an 11.3% increase in average price for attached dwellings (rising to $347,707 in 2018). In addition, the total dollar volume sold also raised in 2018 by 5.6%. The good news for sellers is that buyers are willing to pay higher prices with a limited amount of new inventory, until the new construction projects catch up with the high-demand.
Across the 54 neighborhoods there are notable drops in average days on market and increases in average price for January through September of 2018 compared to the same time frame of 2017. Some specific highlights from the Denver Metro area include a notable 94.3% increase in properties sold in the Golden Triangle to 68 properties in 2018 (from 35 properties in 2017), a 50% decrease in average days on market for Hale Mayfair to just 14 days in 2018, and a 26.2% increase in average price for City Park South to $807,143 in 2018.
LIV Sotheby’s International Realty has represented 56% of the top 25 sales in the Metro Denver, year-to-date. Significant sales include: 3 Countryside Lane in Cherry Hills Village for $6,950,000, 9268 South Perry Park Road in Larkspur for $6,750,000, and 210 Vine Street in Denver for $5,668,830.
With no surprise, buyers should be prepared to act quick when their Metro Denver dream-home is found. Sellers may be witnessing more activity, but should still prepare their home for excellent conditions as many buyers are comparing homes to new builds (that come without any wear-and-tear).
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