Denver Metro | Q1 2020
Consistently ranked as one of the best cities to live in the U.S., Denver Metro is an epicenter for art, culture, music, business, and adventure. The Mile High City and its surrounding communities have something for everyone, as you can enjoy many lifestyles. From professional sports, gourmet restaurants, stunning street art, and iconic live music venues, Denver has it all. What’s more, each neighborhood within Denver County is as unique as the snowflakes that grace this city in the winter. These characteristics and features such as amazing public parks, access to public transportation, and other amenities are what attract homebuyers from across the country.
LIV Sotheby’s International Realty reports on the Denver Metro real estate market, sectioning into 58 neighborhoods. Collectively, comparing the Q1 performance of 2020 to that of 2019, sold listings increased by a notable 8.1%, which brought 10,888 sold listings to the market. The average price 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.
Single family homes and condominiums in Cherry Creek East and South saw the greatest increase in average price during Q1 of 2020, of 50.6%, in a comparison to Q1 of 2019. Through March of this year, the average price for single family homes and condominiums in this community rose more than in most other neighborhoods.
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.
Because of an active and continually growing real estate market, Denver Metro’s array of neighborhoods present buyers and sellers with opportunities to reach their real estate and lifestyle goals.
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 Creek 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, Jefferson Park, 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, RiNo, Saddle Rock Golf Club, Sloan’s Lake, Southglenn, Southern Hills, Stapleton, Sunnyside, Tallyn’s Reach, Uptown, Washington Park East, Washington Park West, and West Highlands.