Third Quarter Micro Market Reports Released
LIV Sotheby’s International Realty has released the third quarter Micro Market Reports (MMRs) for 2019. This report analyzes the real estate market for Denver Metro, Boulder County, the Foothills, Summit County, Telluride, Crested Butte, and the Vail Valley.
The Denver Metro’s population is on a constant rise, and more people are taking advantage of the opportunity to move to Colorado. This report shows that the housing market remains active and continues to provide results for the major areas in Colorado.
Colorado real estate is considered a competitive market by both locals r residing in Colorado to those looking to make a permanent move here. However, each city, neighborhood, and region found various levels of real estate activity and performance. LIV Sotheby’s International Realty provides the Micro Market Reports to help with your financial planning by analyzing the real estate markets for specific neighborhoods.
In the MMR for the Denver Metro real estate market, 54 neighborhoods are analyzed. When comparing the results through Q3 of 2019 to the results from 2018, new home listings increased by 4.8%. This means almost 54,000 new homes have been listed thus far in 2019. Also, the total dollar volume sold increased by 5.7%. When considered these two percentages, this increase shows that the Denver Metro area has an active market even when headings into Winter and also 2020.
When analyzing the 54 neighborhoods, there are some significant increases in the average price as well as a decrease in the average days a home is on the market. Below is a summary of some key results, showing that 2019 has indeed been an active year for sellers and buyers.
- Cherry Creek North: 35.2% increase in average price to $1,380,599; 23.2% increase in price per square foot to $624
- Downtown (including condos): 21.4% increase in average price to $713,973
- City Park South: 57.1% increase in properties sold
While there have been some significant increases as noted above, with the most impressive being City Park South. There have also been decreases in the average days on the market. For example, Columbine Valley showed a decline of 61.0 % on average days, which is the most substantial decrease for Q3.
The results in this report are notable because both buyers and sellers can clearly see the impact upon the home buying and selling process. Given the current market conditions across a variety of neighborhoods in the Denver Metro area, buyers are willing to pay for the specific home they desire. In addition, the data also provides us with the knowledge that areas did show that buyers have longer days on the market. This result works in the buyer’s favor because it allows them to take the necessary time they need in order to find their ideal home.
It is clear that the Denver Metro’s market will definitely keep thriving and growing for now. Whether you are purchasing or selling a home, these monthly, quarterly, and year-end reports are useful to help you make informed real estate decisions.
