West Metro | Quarter 1 2021
Living on the west side of Denver offers many perks that just don’t compare to other Metro areas. Nestled along the Foothills, West Metro has an abundance of open space and trails, while still being a short distance to the bustling Denver center. Real estate throughout the state of Colorado is showing spikes in performance through Q1 of this year, but it’s clear that West Metro is welcoming an abundance of buyers, setting new levels of activity in the market. With home preferences shifting and focusing on more space and access to recreation, West Metro is the perfect home for many buyers.
LIV Sotheby’s International Realty produces a Micro Market Report focused on the West Metro market and the Q1 2021 performance compared to the same timeframe of 2020. The report shows a clear rise in demand, with a 15.3% increase in the average price met with a dramatic 46.9% decrease in the average days on market. This competition for homes was most likely driven by the 15.8% drop in the number of new listings, with 2,434 new listings on the market so far this year compared to 2,892 in Q1 of 2020.
Looking at each of the 24 communities defined in this report, all areas with sales showed an increase in the average price except for Tablerock. Tablerock’s drop in average price is an opportunity for buyers to claim their home in the area, with an expected average price of $710,000 this year. The desirable area of Applewood showed one of the highest increases in average price, with a rise of 38.3%, bringing the average price to $844,712 this year.
Increases in average price were also met with considerable decreases in the average days on market for most areas. Most notably, Green Mountain Village dropped a substantial 92% to just two average days on market. Sunrise Ridge showed a similar decrease of 97.6% comparing this year to 2020, resulting in just three days a home stayed on the market in Q1. These areas are hotspots for those looking to invest in the West Metro area. For buyers, Solterra showed the smallest decrease in average days on market of 2.3%, allowing for an average of 43 days to make a home buying decision.
The West Metro is clearly a popular location for buyers, driving demand and resulting in rewards for sellers. Buyers still do have opportunities to make investments in many areas, with an expectation to act quickly when you find that perfect home for your next chapter.
This Colorado Micro Market Report includes real estate data statistics for the following neighborhoods (single family, unless otherwise indicated): Alkire Estates, Applewood, Arvada, Candelas, Canyon Point, Eagle Ridge, Fieldstone, Gardens at Table Mountain, Golden Incorporated, Leyden Rock, Mesa Meadows, Mesa View Estates, Oak Park, Ryan Ranch, Skyline Estates, Spring Mesa, Sunrise Ridge, Table Rock, Trail Village, Village of Five Parks, and West Woods.