LIV SIR Analyzes Year-End Micro Markets, Signs of Continued Growth in Colorado Real Estatelivxmin
On January 19, 2015, LIV Sotheby’s International Realty released a year-end micro market report (MMR), indicating that the Colorado real estate market demonstrated continued growth at the end point of 2015. The MMR compares 2015 year-end statistics, to those of 2014, for single family homes and condos.
“At the end of 2015, Colorado enjoyed a continued strong real estate market,” said LIV Sotheby’s International Realty president, Scott Webber. “An excellent sales performance in many of our unique neighborhoods reflects, among other things, strong consumer enthusiasm for the urban offerings Denver metro provides, along with the close proximity to year-round recreation offered at world class resort markets. There is no doubt that the real estate market throughout Colorado will continue to prosper.”
LIV Sotheby’s International Realty compiles micro market reports for the residential areas the brokerage services, which includes 11 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. The report indicates year-end 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 11.5%, resulting in an average price of $360,999 in Denver metro. In the city of Denver, the average price of single family homes and condos rose 14.1%, resulting in an average price of $391,186.
Inventory has increased, and the number of new listings coming on the market is up 6.4% in Denver metro and up 4.7% in the City of Denver. Meanwhile, the numbers of listings sold have increased only 3.0% and 0.5% respectively, making for more choices for buyers than what existed during the accelerated summer months. Demand remains high; however prices are still on an upward trend.
Across the board, days on market are dropping (now 29 days on average), and the sales price to list price ratio is up, averaging 99% throughout the Denver metro area. This statistic is evidence of continued competitive, however less frenzied, conditions in the marketplace.
Highlights from the 2015 year-end report indicates Washington Park East’s average price reached $1,005,602 – up 20.9%, Heritage Green’s average price is $807,490 – up 20.9%, and Downtown Denver’s average price is $521,760 – up 11.4%.
The Boulder Area MMR indicates that the average sales price of single family and attached dwellings combined rose 11.8% in Boulder County, resulting in an average price of $505,991. In the City of Boulder, the average price rose 15.5% for single family homes and attached dwellings, resulting in an average price of $673,789.
New listings are down 3.4% in the county and down 8.8% in the city. At the same time, the number of properties sold has increased 5.6% in the county and 1.8% in the city, meaning inventory has dropped substantially. As a result of this strong demand and limited supply, there is a continued upward pressure on prices, less time on the market, and higher sell price/list price ratios nearly across the board, making for a competitive and fast-moving market, with many positive economic variables that indicate a continued strong demand.
Colorado continues to develop as a national leader in many sectors including commerce, recreation, research, energy, employment, cultural activities, and sporting events. With interest rates, rent, and home values all projected to rise throughout next year and into the foreseeable future, the Colorado real estate market will continue to rise.
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.