DENVER, CO - On October 21, 2015, LIV Sotheby’s International Realty released their January through September micro market reports (MMR), which indicated that the Colorado real estate market is showing signs of continued growth in 2015. The MMR compares January through September 2015 statistics, to those of January through September 2014, for single family homes and condos.
“From January through September 2015, Colorado experienced one of the strongest real estate markets in recent history,” said LIV Sotheby’s International Realty president, Scott Webber. “Many of our unique neighborhoods demonstrated an excellent sales performance, reflecting strong consumer enthusiasm for the urban offerings Denver metro, along with the close proximity to year-round recreation offered at nearby resort markets, provides. I foresee the market continuing on an upward trajectory into the New Year.”
LIV SIR compiles micro market reports for the residential areas the brokerage services, which include 11 office locations in Denver metro, including Boulder, Castle Pines, Cherry Creek, Denver Tech Center, Downtown Denver, Evergreen and the resort communities of Breckenridge and the Vail Valley. The report indicates January through September sales volume in Colorado is up across the board; however this is coupled with increased inventory and small price reductions, meaning the market has cooled slightly, yet remains strong.
In Denver metro, the average price of single family homes and condos combined rose 11.7%, resulting in an average price of $360,358, and 40,602 homes sold. In the city of Denver, the average price of single family homes and condos rose 15%, resulting in an average price of $389,540.
Inventory has increased, and the number of new listings coming on the market is up 5.4% in Denver metro and up 3.4% in the City of Denver. Meanwhile, the number of listings sold have increased only 3.3% and 1.5% respectively, making for more choices for buyers than existed during the hotter summer months. Demand remains high however, and prices are still on an upward trend.
Across the board, days on market are dropping (now 22 days on average), and the sales price to list price ratio is also up (averaging more than 100% in some areas), which evidences the still frenzied and hyper-competitive conditions in the marketplace.
Highlights from the January through September 2015 report indicate City of Denver’s average price reached $389,540– up 15%, Downtown’s average price is $509,221 – up 10.8%, Bonnie Brae/Belcaro’s average price is $930,657 – up 13.6%, and Washington Park East’s average price is $1,028,023 – up 30.3%.
The Boulder Area MMR indicates that the average price of single family homes and condos combined rose 10.3% in Boulder County, resulting in an average price of $499,583. In the City of Boulder, single family homes and condos rose 13.7%, resulting in an average price of $659,072.
Inventory has increased, and the number of new listings coming on the market is up 18.7% in Boulder County and up 3.8% in the City of Boulder. Meanwhile, the number of listings sold have increased only 6.2% and 1.3% respectively, making for more choices for buyers than existed during the hotter summer months. Demand remains high however, and prices are still on an upward trend.
LIV Sotheby’s International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home. Reports can be accessed as www.coloradomarketreports.com. For more information, contact Brittanny Havard, public relations manager, LIV Sotheby’s International Realty at 303.486.3738. To service all of your real estate needs visit www.livsothebysrealty.com.
About LIV Sotheby’s International Realty
LIV Sotheby’s International Realty, the exclusive Board of Regent for the Who’s Who in Luxury Real Estate, has 10 office locations in the Denver Metro and surrounding areas, including Boulder, Castle Pines Village, Cherry Creek, Clayton Street, Denver Tech Center, Downtown Denver, Evergreen and the resort communities of Breckenridge and the Vail Valley. For more information call 303.893.3200. To service all of your real estate needs visit www.livsothebysrealty.com.