Denver Metro – Quarter 3 2019
Denver Metro’s population continues to rise as more and more people flock to Colorado for its natural beauty, gorgeous weather, business opportunities, and flourishing economy. With an influx of new residents, the real estate market has also seen an increase in activity.
LIV Sotheby’s International Realty reports on the Denver Metro real estate market, sectioning into 54 neighborhoods. Collectively, comparing the results through Q3 of 2019 to that of 2018, new listings increased by a notable 4.8%. This increase led to almost 54,000 new listings so far in 2019. Total dollar volume sold increased by 5.7%. These two increases show a healthy and active market for Denver Metro as we head into the winter months of 2019 and prepare to enter into 2020.
Across the 54 neighborhoods there are notable increases in average price and decreases in average days on market, proving that 2019 has been very active. Cherry Creek North saw an impressive 35.2% increase in average price to $1,380,599 in 2019, as well as a 23.2% increase in average price per square foot to $624. Downtown (including condos) saw an astounding 21.4% increase in average price to $713,973 in 2019. City Park South saw the largest increase in overall properties sold, rising by 57.1% to 11 properties sold in 2019. Many neighborhoods saw decreases in average days on market, with Columbine Valley showing to the largest decrease of 61.0% to just 62 average days on market for 2019.
Both buyers and sellers can use the current market conditions to their advantage. The increase in prices across the bulk of neighborhoods in the Denver Metro area show that buyers are willing to pay for the home they want. On the other hand, many areas did show that buyers have longer days on market working in their favor, allowing them to take their time when searching for their next investment. Overall Denver Metro’s market is thriving and will likely continue to do so for the time being.
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.