Colorado’s Markets Falling Back into Their Seasonal RhythmsAmanda Molitor
After a year of record-breaking buying and selling activity in Colorado, it appears as though the red-hot market is finally cooling off and settling back into its typical trends. As consumers turn their attention to getting their families back into a routine following the summer break, prepare for the upcoming holiday season, and other priorities, the real estate market is anticipated to remain strong but may not surge with the rate of homebuying and selling that we have become accustomed to over the last year.
Here’s a look at some of most popular Colorado communities and how their housing markets are performing as we approach fall and a new season real estate across the state, according to LIV Sotheby’s International Realty’s Monthly Market Report for August.
In Colorado’s capitol city and its surrounding neighborhoods the number of homes sold at all price points dipped slightly by 9% through August compared to 2020. This slowing is a seasonally expected trend shows that the market is easing back into historic patterns. Sellers should be very strategic when pricing their homes in order to attract buyers and meet their financial goals in a timely manner. Keep in mind that the average sold price for homes in Denver Metro appreciated, rising by 16% to reach $607,003. Buyers who are still engaged in the marketplace can breathe a little easier knowing that there is slightly less competition for Denver’s limited inventory of available homes. The luxury sector of the market, which includes homes $1,000,000 and above, saw a 35% increase in listings sold – illustrating the continued demand for high end homes in the area.
Consumers in Colorado Springs continue to buy and sell homes at a steady rate. Last month, the number of listings sold for all price points rose by 4% over 2020 levels. Additionally, there were 11% more new listings coming onto the market, 1,714 new homes. As the state’s second largest metro area, Colorado Springs remains a popular destination for homebuyers looking for character and access to the outdoors. Homes here have appreciated by 15%, bringing the average sold price for properties through August to $498,002. Luxury homes have also sustained their demand, with the number of listings sold for $1,000,000 or more increasing by 127% through August of this year compared to the same time frame in 2020. The average sold price of those luxury homes also rose, appreciating by 6% to reach $1,431,183, and decreased in average days on market, staying on the market for an average of just 43 days so far this year.
Recently named “Best Place to Live in America” by U.S. News & World Report for the second year in a row, Boulder has been a long-time favorite community for homebuyers. Through August of this year, Denver’s neighbor to the northwest has experienced the same cooling in the market. Here, total listings sold decreased by 18% as the seasonal slowdown sets in. While this reduced buying activity benefits those hoping to buy their Boulder dream home, the continuation of price appreciation, rising by 11% to reach an average sold price of $807,545, remains an incentive for sellers. This highly sought-after community remains a strong real estate market.
As summer winds down, Grand County’s housing market is heating up. This collection of mountain communities saw a 17% increase in home sales through August. This rise in property sales paired with a 25% increase in average prices resulted in a 46% increase in total sales volume through the end of the summer compared to the same time frame last year. The pace of the market is still picking up with the average says on market decreasing by 31%, leaving homes on the market for an average of 84 days so far in 2021. The luxury market is still going strong as well. This sector of the market, defined as homes priced at or over $1,000,000, saw a 145% increase in luxury home sales compared to 2020.
In one of Colorado’s most loved resort destinations, Summit County, buyers continue to scoop up homes at a steady rate. Through August, this community saw a 32% increase in the number of listings sold compared to the same time period in 2020. Homes here sold for an average price of 41,085,071 – a 25% increase from last year. Not only did more properties sell, but they sold more quickly, decreasing in average days on market by 51%. The luxury market, consisting of homes priced at $2,000,000 or more, still leads the market with the number of luxury homes sold growing by 142% through August of this year compared to January through August of last year. So far this year, the average price for luxury homes in Summit County has been $3,14,561.
Even as the seasons change, the Vail Valley’s real estate market appears to be evergreen. Listings sold in this resort community rose by 34% through August. What’s more, those listings sold appreciated in price by 19%, bringing the average sold price for local homes to $1,738,535. Homebuyers have shown picked up the pace since last year, decreasing the average time on market for Vail Valley homes by 36% – leaving homes on the market for an average of 81 days. Looking at luxury homes, the market has also seen sustained success. Through August, there was a 137% increase in the number of homes priced at $3,000,000 or higher compared to same time frame in 2020.
Crested Butte is proving that great things do come in small packages. This region provides huge opportunities for adventure and interacting with Colorado’s natural beauty while maintaining a tight-knit community feel. Homebuyers purchased 60% more Crested Butte homes through August of this year than last year. The increased demand played a part in the 32% appreciation of the average sold price, which rose to $848,866t this year. The luxury sector of the market experienced even more impressive increased in real estate activity. Here the number of listings sold that were priced at or over $2,000,000 rose by 183%, from 12 homes sold through August of 2020 to 34 homes sold through last month. The average sold price for luxury properties in Crested Butte was $2,928,236 through the end of the summer.
The historic town of Telluride is a community made up of captivating views, iconic ski terrain, and incredible real estate. Through August of this year, this resort region experienced a 34% increase in home sales, bringing the number of total properties sold to 256 through the end of summer. Those properties sold, did so more quickly, remaining on the market for an average of 192 days – a 19% decrease from 2020 when homes stayed on the market for an average of 236 days. Home prices appreciated in Telluride as well. Listings here sold for an average price of $2,364,004, which is 14% higher than the average price through August of last year. The luxury home market, which includes listings prices at or over $3,000,000, saw luxury sales increase by 41% through August. The average sold price for homes in this sector of the market closed for an average price of $5,958,065. This dramatic 19% price appreciation was influenced by the extraordinary, record-breaking sale of a celebrity home that closed for $39,500,000 earlier this year.
Each of the markets that LIV Sotheby’s International Realty serves in Colorado has seen encouraging success in 2021. To learn more about how your neighborhood has performed or to gain a better understanding of a community that you are interested in, reach out to one of our expert real estate brokers today.