Market Update: Colorado
The latest “Mid-Year 2020” Micro Market Reports released by LIV Sotheby’s International Realty outline Colorado’s main luxury real estate markets from January through June 2020. Looking at the latest luxury real estate market reports across Colorado, it is evident that COVID-19 restrictions and distancing guidelines have affected markets in varying levels across the state.
Usually the busiest real estate season of the year, this spring was vastly different. After a slow start, month-over-month closed sales are up by 78.4%, and pending sales up 7.2% and 18.8% from June 2019. The average selling price is also experiencing an increase, and days on market a decrease, making it a sellers market. These trends will most likely continue as second home buyers continue to migrate to Denver’s appealing active outdoor lifestyle opportunities.
Douglas County/South Metro
Beginning to rival Denver, Douglas Counties growing communities offer plentiful shops and entertainment, and currently experiencing pent up demand. Throughout the area average sales prices have in fact increased 1.7% to $565,139 USD since last year, and total properties sold have also gone up since real estate activity has picked back up. Even with a slower market due to COVID-19, the total sales dollars are only down 2.9% from last year.
With access to both city and active outdoor lifestyle, Denver’s West Metro real estate market is in high demand and homes have seen increased value due to intense demand. Since January the largest price growth was observed in Mesa Meadows at 30.2% to $1,008,699. Where the largest increase in properties sold was in North Table Mountain Village with a 250% increase from 2 to 7 sales since January.
Briefly slowed by lack of spring real estate activity, a lower total sales volume of 10.6% from this time last year has incurred. However, recently the market has retired to normal inventory levels and a slight average price increase in single family homes to $671,398 since 2019. Notably, Downtown Boulder saw the highest number of sold homes within the last 6 months by 61.5%.
Offering vast outdoor space and stunning landscapes, Colorado’s Foothills have indeed attracted its share of attention this spring. An increasing amount of properties were sold across the board throughout the Foothills compared to last year. However, Soda Creek experienced the most significant price increases at 56.9% to $1,749,143 on average.
Following the market trend Summit County was not prone to the slow sales season beginning in January this year. However a slight price increase was recorded of 1.4% on average throughout the county.
Several communities within Vail Valley saw an increase int heir average prices throughout the spring, however the largest price increases by far was seen throughout Vail Village. Homes increased a total of 90.7% averaging the total sales price from $3,167,300 last year, to $6,040,000 June 2020.
Barely phased by the impacts of COVID-19 on the real estate market, Telluride’s housing market remains solid. Year-over-year, Telluride’s number of active listings rose 17%, the total number of sold single-family homes increased 150%, and the average sold price climbed 49% to $1,876,697.
While minimal changes were made throughout Crested Butte County drawing the last 6 months in the single-family home sector, land parcels did see increased interest. Parcels in the Almont and Rural Gunnison area saw an average sale prices increase of 88.7%.
Whether you’re buying or selling, the global marketplace for luxury real estate is always changing. We have analyzed the latest reports in luxury real estate to keep you up to date on current market trends in your area.
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