Colorado real estate boom can’t be stopped as home sales continue to rise

Real Estate

Colorado real estate boom can’t be stopped as home sales continue to rise

Although the close of 2020 is quickly approaching, the end of Colorado’s real estate boom is nowhere in sight. Homes across the state, including Denver’s six-county metro area, continue to fly off of the shelves, so to speak, as more consumers make the decision to invest in Colorado homes.

Throughout the year, Denver Metro, as well as nearly all other regions in the state, has seen both ends of the extreme in terms of real estate activity. In the spring when the market all but came to a halt due to COVID-19 restrictions, communities across Colorado were starved for home buying and selling. Now, the opposite is true.

Each month, LIV Sotheby’s International Realty (LIV SIR) produces a market report that looks at real estate data through the previous month in a year-to-date comparison. Through the month of November, listings sold in Denver Metro increased by 22%, totaling 5,199 homes sold. Those listings rose in average price by 11%, making the average sold price in the area $534,566. Listings sold in Denver Metro not only sold for a higher price, but they sold more quickly as well, decreasing in average days on market by a notable 31%.

The luxury market, which is defined as listings priced at or over $1,000,000, has also remained busy through November of this year. The number of listings sold in this high-end sector of the market grew by 30% compared to the same time frame of 2019. The average price for luxury homes in Denver Metro averaged $1,540,408 through November of 2020 but some recent extraordinary sales defied the status quo.

In Denver, LIV SIR brokers, Trish Bragg and Maggie Armstrong represented the sellers of 515 Race Street, which sold last month for $5,975,000. This gorgeous Tudor-inspired home in the Country Club Historic neighborhood features terraced gardens, an outdoor pool, a patio kitchen as well as bonus rooms indoors such as a library, a wet bar, and a home gym. A classically appointed home in one of Colorado’s most prestigious communities.

South of Denver, in Sedalia, the sale of 3120 Bears Den Drive set a new record for highest-priced sales within the area during the last 10 years. The truly astonishing luxury ranchette-style estate, which sold for $5,925,000, was listed by LIV SIR brokers, Felicia Jenkins and Joyce Paloma. The home’s castle-like aesthetics, with three steel turrets capped with copper-colored metal roofing, pointed spires, and granite stonework, make this a crown jewel of the community.

“This home, which was originally referred to as ‘Shook Castle,’ is a significant landmark for the community. The original homestead dates back to the 1800s when Sedalia and Castle Rock were home to cowboys, ranchers, and farmers,” explained Jenkins. “The sale of the ‘Castle’ was not only the largest residential sale in Sedalia in the last 10 years, but also speaks to the demand for luxury homes across Colorado.”

As we prepare for the new year ahead, homebuyers and sellers remain hopeful that the tremendous momentum in the marketplace will carry over into 2021.