The Summer 2019 Forecast for Colorado Real EstateLIV Sotheby's
While the summer season has been a bit delayed this year, we are now officially welcoming summer heat, summer activities, and of course summer real estate opportunities. Looking at the May Market Reports, it’s evident we are seeing some increases in performance for Colorado real estate, and we are also seeing some major opportunities for both buyers and sellers.
As no surprise, the all-price point Metro Denver real estate is continuing to boom with year-to-date increases across the board, but most notably in total sales volume (+4%) and new listings (+8%). More and more buyers are flocking toward the luxury market ($1,000,000 and above) for Metro Denver, with the visible signs being year-to-date increases in total sales volume (+15%), properties sold (+11%), and new listings (+24%) – met with a decrease in average days on market (-26%) to just 67 days on average in 2019.
Boulder real estate is presenting numerous opportunities, including strong benefits for buyers with an increase of new listings (+11% for all price points; +14% for the luxury market of $1,000,000 and above) in addition to an increase in days on market. The increase in days on market allows buyers more time to make real estate decisions, but on average the 2019 days on market is still just above two months, so buyers should still be prepared to act quickly. For sellers, the last 12 months year-over-year prove that real estate is trending upwards with an increase in total sales volume (+9%), listings sold (+9%), new listings (+13%), as well as a slight decrease in average days on market (-5%).
For interested buyers and sellers of Vail Valley real estate, 2019 may be your year to act. There are clear increases in performance that would benefit a seller, specifically an increase (for all price points) in sales volume (+3%), average sold price (+7%), average price per square foot (+6%), average list price (+7%), and highest sold price (+24%). In addition, the luxury market ($3,000,000 and above) reported significant increases comparing May of this year to April of 2019 including a 63% increase in total sales volume and a 67% increase in listings sold, to 10 listings sold in May.
Summit County’s real estate continues to prove as extremely hot! For all price points, total sales volume is up 9% year-to-date, but most notable is the increase in average sold price and average list price – both of which are up 13%. The good news for sellers is that more and more buyers are willing to pay increased prices in order to live the Summit County Lifestyle. For buyers, there is a slight dip in average days on the market, which means you still have to act quickly (7% decrease to 55 days on average this year). Year-to-date, the luxury market ($2,000,000 and above) is extremely active for Summit County, resulting in an astounding 112% increase in total sales volume, a 27% increase in average sold price, a 28% increase in average price per square foot, a 14% decrease in average days on market, and a 25% increase in average list price. Perhaps the most significant, listings sold increased 67% year-to-date to an amazing 30 listings just this year, from 18 in 2018 (through May).
“This year, we are seeing some significant increases in real estate performance,” said LIV Sotheby’s International Realty president, Scott Webber. “Even though last year was a record year in many ways, this year is proving to be even more active with increased buyers and interested sellers. The great thing is, we are seeing excellent opportunities for both.”
This year it’s clear that we are seeing a healthy market that both buyers and sellers can benefit from. The overall increase in inventory and increase in available buyers due to a strong economy – combined with the current mortgage rates – equals a recipe for success.
Consult with a trusted real estate advisor today to learn more about how your real estate goals can be achieved in 2019.