Denver Metro – Year End 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. Zillow recently ranked Denver as the #3 hottest housing markets of 2019, meaning more and more buyers are expected to call the Denver Metro their new home.
LIV Sotheby’s International Realty reports on the Denver Metro’s real estate market, sectioning into 54 neighborhoods. Collectively, comparing the results of 2018 to 2017, average price showed a significant increase of 8.2% from $428,050 in 2017 to $463,288 in 2018. New listings also increased, while sold listings reported a slight decrease. However, even with the decrease of sold listings, total dollar volume sold still increased by 2.6% from 2017 – highlighting the fact that average price increased as a whole in the Denver Metro area.
Across the 54 neighborhoods there are notable increases in average price and properties sold, as well as decreases in average days on market, comparing 2018 to 2017. The Golden Triangle neighborhood saw an exciting 31.2% increase in average price, from $465,492 in 2017 to $610,718 in 2018. Bell Mountain Ranch and Ken-Caryl North Ranch reported an increase of around 50% in properties sold. Many neighborhoods saw extraordinary decreases in average days on market with four at decreases of 40% or more: Cherry Creek East & South, Heritage Greens, Pradera & Timbers, and Uptown. With a decrease of 59.5% in average days on market to just 32 days in 2018, Uptown reported the most significant decrease.
With the increase of Metro Denver buyers both within and outside of the state, buyers should be prepared to act quickly when their Metro Denver dream-home is found. The initial start to 2019 anticipates a very busy year for both buyers and sellers. The typical desire for a seller to wait and list their home during the spring and summer months may prevent sellers from benefiting with the current lack of inventory. Metro Denver has proven to be, and will most likely continue the path to be, an extremely hot market.
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