Colorado’s Real Estate Markets Remain Strong through SeptemberAmanda Molitor
With fall in full swing, many real estate markets across Colorado are settling back into their seasonal buying and selling patterns. During this time of the year it is typical to see a slight decline in buying and selling activity as many consumers turn their attention to the upcoming holiday season, plan vacations, and prepare for the winter ahead of them. In most markets across the state, the inventory of available homes remains low giving sellers a slight advantage. However, with less buyers actively searching for homes those who do continue their home buying journey may experience less competition for the same listings while taking advantage of the relatively low mortgage rate that is currently available – giving them more buying power than may be available to those who wait until the spring.
Here is a snapshot of some of Colorado’s most popular home markets with data provided by LIV Sotheby’s International Realty’s Monthly Market Reports.
As the fall season progresses Boulder is experiencing a typical slowing of the marketplace that takes place each autumn. With more consumers turning their attention to the upcoming holiday season, less people are prioritizing their home buying and selling journeys. This shift resulted in a -3% decrease in the overall number of sold listings and an -11% decrease in new listings coming onto the market through September in Boulder County compared to the same time frame last year. However those sellers who are listing their homes are enjoying a 14% boost in average sold prices, which brings the average price for a Boulder County home to $823,661. Buyers may want to take advantage of this slower-paced market to find their ideal home before the market is expected to pick up again in the Spring.
New inventory in Colorado Springs’ real estate market increased through September of this year compared to last year. Through last month, there have been 1,617 new listing brought onto the market – a 12% increase from the same time frame in 2020. Although the overall number of listings sold for all price points decreased by -4%, the luxury market has seen tremendous growth with the number of sold luxury listings sky rocketing by 131% and totaling 316 homes sold priced at over $1,000,000. This community has made headlines recently for its incredible boom luxury real estate activity. Currently, the average price for a luxury home in Colorado Springs is $1,416,150, which is about 6% higher than the average luxury home price last year. Recently, LIV Sotheby’s International Realty brokers Katie Williams and Adana Leonard represented the sellers of the highest priced residential real estate sale ever recorded in El Paso county, with the sale of 22 Crossland Road which closed for $8,000,000.
The mountain lifestyle is clearly a hot commodity for homebuyers this season as Crested Butte’s real estate market remains red hot. Through September of this year, the number of listings sold is 33% higher than during the same time period in 2020. The average sold price of those homes has been $894,576 – a 34% increase from 2020 in a year to date comparison. Similarly to Colorado Springs, luxury real estate is leading the market in homebuying activity this year. Looking at the number of luxury listings sold, Crested Butte experienced a 213% increase in the number of listings sold priced at over $2,000,000. In fact, the average luxury listings price for the area through the third quarter of the year was $3,022,766. With more space, access to stunning natural spaces, and a resort lifestyle, it makes sense that Crested Butte would be a priority for those who wish to invest in a one-of-a-kind lifestyle.
As more normalcy is restored to our daily lives following 2020, the real estate market is returning to its normal cadence of ebs and flows as the seasons change. Denver Metro is experiencing the seasonal slow down as we head into the fall and winter months, seeing a -14% decrease in the number of homes sold through September of this year compared to the same time frame last year. As cooling temperatures, the upcoming holidays, and vacation time distract buyers from their search for Denver Metro homes the pace of the market appears to have slowed. For exhausted buyers still pushing to find their Denver Metro dream home, this can be good news. With fewer people actively shopping for homes, your chance of placing the winning offer increases. Seller should not worry either. Low levels of inventory and appreciating prices (+17%) still create bountiful opportunities for you to sell you home to reach your financial and lifestyle goals.
In Grand County, the real estate market has remained strong through the start of the fall with the number of listings sold rising by 4% in a year to date comparison of January through September of this year to last year. In this mountain community, the average price of sold listings appreciated by 22% to reach an average price of $743,159, just slightly below the average list price which was $734,556. Sellers listings their homes in this area can expect their houses to stay on the market for an average of 80 days, which is -32% less time than in 2020. Looking at the luxury market, the number of listings sold has increased by 93% to reach a total of 137 luxury listings sold through Q3 of this year. The average price for a luxury home in Grand County averaged out to be $1,609,847, a slight decrease from last year with the average luxury listing price was $1,694,206.
Summit County is sustaining its real estate success well into the fall. The number of listings sold in this ski resort community have increased by 18% in a year to date comparison of January through September of 2021 to the same time frame in 2020. The average price for homes in this area was $1,101,067 – a 23% increase. With ski season top of mind for many, the desire for a second home or permanent residence in this area with world-class skiing may be motivating buyers to act more quickly. The average days a home spent on the market through the third quarter of 2021 decreased by -54%, bringing the average days on market down from 61 days to 28 days. The high end home market has experienced even more significant increases in homebuying. The number of listings sold in Summit County rose by 82%. The average price for luxury listings in this community through September was $3,153,239 – a 12% boost from last year.
In Colorado’s historic and scenic town of Telluride, the market is stable and showing signs of continued strength as we enter the final quarter of the year. Buyers are still finding mountain homes in this resort community with the number of listings sold increasing by 21% to reach a total of 408 homes sold so far this year. The average price of those homes sold averaged to $2,006,931, which is 11% more than January through September of 2020. While listings remain on market for a longer time in this market than in other Colorado regions, the average days homes spend on the market has decreased by -11%, bringing the average days on market to 276 days. The luxury market is also seeing steady increases although not by the same margins that other markets are experiencing. Here, the number of listings sold for $3,000,000 or more rose by 24% bringing the total luxury listings sold through September of this year to 82 listings. The average sold price for luxury homes through Q3 is $5,636,927. However it is important to note that this notable increase is influenced by the record breaking sale of Tom Cruise’s $39,500,000 home earlier this year.
As more people start to dream about ski season, the Vail Valley real estate market is seeing increased buying activity. Through September of this year, there have been 21% more listings sold than there were in the same time frame last year. As a result of the continued demand for Vail Valley homes, the average home price has appreciated by 10% to reach an average price of $1,769,040. Homes in this resort community remained on the market for an average of 77 days, which is a -38% decrease from last year. This shows that the interest in Vail Valley homes has not slowed but is continuing to buzz with buying and selling activity. Following a similar trend as many other Colorado real estate markets, the luxury sector is seeing even more impressive increases. In a year to date comparison the number of listings sold for $3,000,000 or more has increased by 78% in the Vail Valley. The average price for a luxury home here was $5,579,305 through September.
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