On April 24, 2017, LIV Sotheby’s International Realty released a Q 1 micro market report (MMR), indicating that the Denver and Boulder real estate market demonstrated continued growth at the first quarter of 2017. The MMR compares 2017 Q1 statistics (January through March), to that of 2016, for single family homes and attached dwellings for the residential areas the brokerage services. The report indicated that the Denver Metro and Boulder market are performing especially well as we enter the spring selling season.
“In Q1 2017, Denver continues to be one of the top performing markets in the country, as evidenced at the micro market level in the increases in average sales price, average price per square foot, and number of single family homes and condos sold,” said LIV Sotheby’s International Realty president, Scott Webber. “The total dollar volume sold in Denver metro has increased 13.3%, and the Denver Metro market is demonstrating an uptick in inventory as we enter the spring selling season. New listings are up 7.8% from 13,055 to 14,076 in Q1 2017, providing more options for buyers.”
The average price of single family homes and condos combined rose 7.9%, resulting in an average price of $408,489 in Denver Metro. In the city of Denver, the average price of single family homes and condos rose 5.2%, resulting in an average price of $431,285.
The front range of Colorado has gained notoriety internationally as an excellent investment, fueling demand even more. During Q1 2017, the number of sold listings in Denver Metro rose to 10,500, up 4.9% since Q1 2016. In the City of Denver, the number of sold listings totaled 2,833, up 1.2%, from Q1 2016. Across the board, days on market dropped 2.4% in Denver Metro and 14% in the City of Denver- an improved timeframe in the market. In Denver Metro, the sales price to list price ratio held at 99%, demonstrating a continued fortified market.
The Boulder real estate market remains one of the most robust in the state. The number of new listings to come on the market is up 19.8% in Boulder County, and up 21.3% in the City of Boulder. At the same time, the number of listings sold have increased 8.2% and 10% respectively, so the recent shortage of inventory has eased just a bit. Nevertheless, demand is still strong, fueling the continued rise of prices, and a very competitive seller’s market. These conditions are evident by looking at the average days on the market (in the 60s in most areas), and the sale price-to-list-price ratio of 99.2%.
“The increases in listings sold have mostly been attributed to sales of attached dwellings (condominiums and townhomes), with the number of single family home sales essentially flat in both Boulder County and the City of Boulder,” said LIV SIR Boulder managing broker, David Carner. “As prices continue to rise, and outpace the rise in incomes, affordability diminishes. Accordingly, the most active market segments are in the more affordable neighborhoods just outside Boulder (Louisville, Lafayette, Superior and Longmont), and in the more affordable property class of attached dwellings.”
With Denver Metro and Boulder’s real estate market performing at especially high levels, the value of having a seasoned professional advocating on a Buyer or Seller’s behalf has never been more important to be successful as we enter the spring selling season.
LIV Sotheby’s International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home. Reports can be accessed as www.coloradomarketreports.com.