South Metro | Quarter 1, 2021
Denver’s South Metro communities have been a long-time favorite for consumers searching for the perfect balance of shopping, dining, and outdoor activities with the added benefit of more space than what can typically be found closer to downtown Denver. Although challenges due to the pandemic remain, this collection of Colorado communities, which include The Village at Castle Pines, Castle Rock, Highlands Ranch, and Lone Tree, continue to present consumers with the opportunity to buy and sell homes that will push them towards achieving their lifestyle goals.
LIV Sotheby’s International Realty produces a South Metro Micro Market Report analyzing the real estate performance during Q1 of 2021 compared to that of 2020. Overall, Douglas County, which encompasses the South Metro area, experienced a 13% increase in the total dollar volume sold through March of this year, reaching $1,062,175,870. Additionally, the average price for homes in this community rose by 18.9%, bringing the average sold price for local homes to $668,456.
The demand for homes within South Metro resulted in the appreciation of home prices in several communities. For example, Castle Pines saw a 49.2% increase in home prices compared to January through March of 2020, which brought the average price to $670,854. The Village at Castle Pines also experienced this trend in appreciating home prices. Listings in this area sold for an average price of $1,583,056 during Q1 of 2021 – a 42.2% increase from the same time period in 2020.
The number of properties sold grew in several communities as well. One of the most notable increases was seen in Roxborough Park. In a comparison of Q1 performances from 2021 to that of 2020, there were 57.1% more listings sold in this year when 11 homes were sold compared to the seven homes sold in 2020. An uptick in home sales was also observed in Lone Tree, where the number of real estate sales increased from 29 listings sold in 2020 to 40 listings sold through March of this year.
The increased consumer demand for South Metro homes has decreased the average amount of time that local homes spend on the market. Listings in Highlands Ranch experienced a notable decrease in the average days on market during Q1 of this year. While there were only five homes sold through March of this year, this neighborhood saw an 82.8% drop in the average time a home spent on the market, bringing the average time a home is available for purchase to just five days.
As homebuyers continue to seek out communities where they can attain the lifestyle that they’ve always dreamed of, the South Metro area will see more and more real estate activity. With plenty of exciting new entertainment options and a close proximity to Colorado’s incredible natural spaces, the housing market in this region is sure to remain strong.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Backcountry, Bell Mountain Ranch, Broadmoor, Castle Pines, Castle Pines Village, Castle Rock, Colorado Springs, Diamond Ridge, Firelight, Highlands Ranch, Inverness, Keene Ranch, Larkspur, Lone Tree, Parker, Pradera & Timbers, Sedalia, and The Meadows.