LIV Sotheby’s International Realty Analyzes Quarter 1 Micro Markets, Signs of Continued Growth in Colorado Real Estate

Posted by Brittanny Havard — May 9, 2016

1462814088DENVER, CO - On April 15, 2016, LIV Sotheby’s International Realty released a Quarter 1 (January through March) Micro Market Report indicating that the Colorado real estate market demonstrated continued growth in 2016. The Micro Market Report (MMR) compares 2016 Quarter 1 statistics, to that of 2015, for single family homes and attached dwellings.

“In the first quarter of 2016, Colorado is enjoying a continued strong real estate market,” said LIV Sotheby’s International Realty president, Scott Webber. “The economic rules of supply and demand play an important role in understanding our current real estate market.  Simply stated, the lower supply of inventory combined with a high buyer demand to purchase is creating a market where values will continue to increase.”

1462814005

LIV Sotheby’s International Realty compiles Micro Market Reports for the residential areas the brokerage services, which includes 12 office locations in Denver metro, including Castle Pines, Cherry Creek, Denver Tech Center, Downtown Denver, Evergreen and Boulder and the resort communities of Breckenridge, Vail, and Beaver Creek.  

In Denver metro, the average price of single family homes and condos combined rose 9.9%, resulting in an average price of $379,138.  In the city of Denver, the average price of single family homes and condos rose 11%, resulting in an average price of $411,229.

Inventory has decreased slightly, and the number of new listings coming on the market is down 0.7% in Denver metro and up 2% in the City of Denver.  Meanwhile, the number of listings sold have increased only 2.9% and 2.1% respectively.

1462814028

Across the board, days on market rose 2%, (now 41 days on average), and the sales price to list price ratio held at 98.8%, a 0.2% decrease over 2015 throughout the Denver metro area. This statistic is evidence of continued competitive, and steady conditions in the marketplace.

Highlights from the 2016 Q1 report indicates that Denver city’s average price reached $411,229 – up 11.0%, Downtown’s average price is $523,498 – up 16.3%, Park Hill’s average price is $635,864 – up 15.2%, Castle Pines Village average price is $988,873 – up 14.7%, and Cherry Creek North’s average price is $1,238,349 – up 39.0%.

The Boulder Area MMR indicates that the average sales price of single family and attached dwellings combined rose 11.2%, resulting in an average price of $547,126.

New listings are down, and at only 1,176 properties listed in the first quarter, inventory is at its lowest point in several years.  The lack of inventory has had a negative effect on the number of sales, which is down 17.2% to 739 in the first quarter of 2016.  Other stats reflect a strong seller’s market: less time on the market (now averaging 43 days), and a higher sell price/list price ratio (now averaging just over 100%).  Many properties sell after receiving multiple bids, and buyers are left with little room to negotiate.  Some would-be sellers are postponing the decision to list, fearing that they won’t find a suitable replacement property.

1462814055

The hottest neighborhoods in terms of dollars per square foot are located in the core of Boulder – the Historic District, Downtown, and University Hill.  These are also the areas with the most pronounced disparity of available listings compared to the demand.  At the core of this imbalance is the local economy, which provides about 100,000 jobs in Boulder proper– a number roughly equal to the entire population of the city!  Currently, about 60,000 of those people commute daily into Boulder.  As prices continue to rise rapidly, both affordability and overall mobility of the marketplace suffers.

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 12 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.

Share this post

Search Press Releases

Recent Blog Posts

Beautiful Estate Overlooking Whitewater Creek Listed By Susan Fitzgerald

Berkshire Hathaway HomeServices Georgia, BHHS – Georgia — Feb 22

Villa Real Estate Lists a $6,395,000 Bayfront Home in Coveted West Bay Avenue

Villa Real Estate, Villa Real Estate — Feb 21

Hilton Head Island SC | 15 Loomis Ferry Road | Long Cove Club

Schembra Real Estate Group, Schembra Real Estate Group — Feb 20

Top 5 Single-Family Home Trends to Watch Out for in 2018

Linda Secrist, Linda Secrist of BHHS Utah Properties — Feb 20

Boston Back Bay Rental

David Sampson, Gibson Sotheby's International Realty — Feb 20

Twitter