Foothills | Quarter 1 2021
Colorado’s Foothills offers a lifestyle second-to-none. The expansive views and easy access to open space, hiking and biking trails make this an ideal place to live. Especially with lifestyle preferences changing to many looking for more space and nearby recreation, the Foothills are drawing in more and more interested buyers.
LIV Sotheby’s International Realty produces a Micro Market Report focused on the Foothills market and the Q1 2021 performance compared to the same timeframe of 2020. The report shows a clear rise in demand for Jefferson County, with a 15.3% increase in the average price met with a dramatic 46.9% decrease in the average days on market. This competition for homes was most likely driven by the 15.8% drop in the number of new listings, with 2,434 new listings on the market so far this year compared to 2,892 in Q1 of 2020.
Average days on market decreased for all areas within the report except for Hiwan Country Club, which showed an increase in the days on market however this was based on just two sales. For the other 19 communities within the Foothills, the average days on market dropped significantly with Brook Forest showing a notable 70% decrease to an average of 12 days on market for the 10 homes that sold so far this year (compared to an average of 40 days on market for the three homes that sold in Q1 of 2020).
The performance of Genesee is interesting to review, as the same number of properties sold (10) with a 7.3% increase in the average price and a 55.6% decrease in the average days on market. The highest price dipped compared to 2020, which means that more homes sold closer to the average price. Even though the same exact number of homes have sold, it’s clear that there is increased demand this year as compared to last year.
Jefferson County showed a pronounced increase in demand for Q1 of this year compared to Q1 of last year. The 20 Foothills’ communities followed that trend closely, which is resulting in positive returns for sellers. Buyers do still have plenty of opportunities to call the Foothills their home, with some areas showing decreases in the average price. Regardless, buyers need to be expected to act quickly as homes are selling in record time.
This Colorado Micro Market Report Includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Bear Mountain, Brook Forest, Conifer Mountain, Evergreen Highlands, Evergreen Meadows, Evergreen Meadows West, Evergreen Valley Estates, Genesee, Hangen Ranch, Hiwan Country Club, Hiwan Hills, Lookout Mountain, Mt. Vernon Country Club, Ridge at Hiwan, Riva Chase, Shadow Mountain, Soda Creek, Spring Ranch, Tanoa, and Upper Bear Creek.