Denver Metro | Quarter 1, 2021
After an eventful year with many challenges, Denver Metro’s real estate market is starting off 2021 on a positive note with plenty of buying and selling activity. Colorado’s capitol city and its surrounding communities have quickly become one of the most popular destinations to purchase homes as a result of shifting consumer preferences. With the need for lifestyle-focused living and access to outdoor spaces still top-of-mind for many buyers, our state is a natural choice to plant roots.
According to the Q1 Micro Market Report, produced by LIV Sotheby’s International Realty, which summarizes Denver Metro’s market performance through March of 2021 in comparison to the same time period in 2020, Denver has shown increased real estate activity in many areas.
Although inventory levels in the six-county Denver Metro area remain low, decreasing by 11.8% compared to Q1 of 2020, the number of sold listings for all property types rose by 3.4%. Attached housing, such as condominiums, townhomes, and duplexes, outperformed single family homes through March of this year compared to the same time frame last year. There was a 12.1% increase in the number of sold attached residences whereas single family home sales dipped by 0.7%. Average sold prices for both property types rose due to elevated demand for Denver Metro homes. Through Q1 of this year, the average price of an attached residence increased by 10.4%, reaching $403,128, and the average price for a single family home increased by 19.1% reaching $640,647. Overall, the total dollar volume sold in Denver Metro through March of this year was $6,748,398117 – an impressive 19.5% increase from the same time period in 2020.
Looking at some prominent Denver Metro neighborhoods, several areas proved to be very popular with buyers and showed increases in the number of listings sold during the first quarter of the year. LoHi, a neighborhood beloved for its restaurant scene and nearness to the city, experienced a remarkable 97.7% rise in home sales, growing from 43 listings sold through March of 2020 to 85 listings sold through the same month this year. While less listings were sold in total, the RiNo district saw tremendous growth in its market. Here, listings sold rose from 11 homes sold to 24 homes sold – a 118.2% difference.
Many other neighborhoods saw home prices climb due to the heightened levels of demand and fewer amount of homes on the market. Sloan’s Lake, a community just west of downtown Denver, experienced a 39.4% increase, bringing the average price for a home to $988,574. In Cherry Creek North average prices also appreciated, rising 34.4% from $1,078,655 in Q1 of 2020 to $1,449,854 through Q1 of 2021.
Further illustrating the level of demand and competition for homes in Denver Metro, many neighborhoods saw dips in the time listings spent on the market. For example, the Southglenn community showed a 66.7% decrease in average days on market, from 21 days in Q1 of 2020 to just seven days during Q1 of this year. Downtown Denver’s condominium market also picked up the pace with listings dropping from an average of 71 days on market to 61 days on market through March of 2021.
With bountiful opportunities to experience the best of city-living and the great outdoors, Denver Metro is sure to be a hot home market yet again this year.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Baker, Belmar, Berkeley, Bonnie Brae, Belcaro, Bow Mar, Capitol Hill, Cheesman Park, Cherry Creek, Cherry Hills Village, City Park, Columbine Valley, Congress Park, Cory-Merrill, Columbine Valley, Country Club, Crestmoor Park, Downtown (condos), Golden Triangle, Greenwood Village, Hale Mayfair, Heritage Greens, Highlands, Hilltop, Homestead, Jefferson Park, Ken-Caryl North Ranch, Ken-Caryl Valley, Lakewood, LoHi, Lowry, Montclair, Observatory Park, Park Hill, Platt Park, Polo Reserve, RiNo, Sloan’s Lake, Southglenn, Southern Hills, Southmoor Park, Stapleton, Sunnyside, Tallyn’s Reach, Uptown, Washington Park East, Washington Park West, and West Highlands.