Colorado Real Estate Market Update: Trends and Insights for August 2024
The Colorado real estate market showcases impressive activity across various regions. This detailed analysis covers the general market trends for Denver Metro, South Metro, and the Foothills, providing essential insights to help you navigate the property landscape. Below, we break down the latest data for these key areas, offering a clear and concise summary to help you make informed decisions.
Denver Metro
Market Highlights:
• Median Sold Price: $595,000 (1% less than August 2023)
• Properties Sold: 3,613 (12% more than August 2023)
• Median Days on Market: 16 (7 more days than August 2023)
• Properties Sold Year to Date: 23,308 (8% more than August 2023)
Analysis: The Denver Metro area continues to demonstrate robust activity in the real estate market. Despite a slight dip in median sold prices, the region has seen a significant increase in the number of properties sold, indicating strong buyer interest. The median days on market have increased, suggesting a more measured pace, but the overall year-to-date sales reflect a healthy market. Denver Metro remains a desirable location, offering a blend of urban amenities and suburban charm.
Price Point Performance:
• Doing Well: Properties priced between $500,000 and $800,000 are experiencing high demand, with quick sales and competitive bidding.
• Struggling: Higher-end properties above $1.5 million are seeing longer days on market and fewer sales, indicating a more cautious buyer segment at this price point.
South Metro
Market Highlights:
• Median Sold Price: $719,000 (Equal to August 2023)
• Properties Sold: 549 (Equal to August 2023)
• Median Days on Market: 17 (5 more days than August 2023)
• Properties Sold Year to Date: 3,769 (7% more than August 2023)
Analysis: South Metro maintains a stable market, with median sold prices holding steady. The number of properties sold remains consistent, reflecting a balanced market environment. An increase in the median days on market suggests buyers are taking a bit more time to make decisions, yet the year-to-date figures indicate a strong overall performance. The area’s appeal lies in its blend of tranquility and accessibility to key amenities and attractions.
Price Point Performance:
• Doing Well: Homes priced between $600,000 and $900,000 are moving quickly, reflecting strong buyer confidence in this range.
• Struggling: Luxury properties over $1.2 million are seeing extended listing periods and slower sales, suggesting a more selective buyer pool.
Foothills
Market Highlights:
• Median Sold Price: $645,000 (Equal to August 2023)
• Properties Sold: 785 (16% more than August 2023)
• Median Days on Market: 13 (6 more days than August 2023)
• Properties Sold Year to Date: 4,476 (5% more than August 2023)
Analysis: The Foothills region, specifically Jefferson County, shows a strong upward trend in the market, with a notable increase in properties sold. The median sold price remains stable, while the rise in median days on market suggests a slight cooling in buyer urgency. The year-to-date sales growth underscores the area’s ongoing attractiveness, combining scenic beauty with luxury living. This region is particularly appealing to those seeking a serene lifestyle close to nature.
Price Point Performance:
• Doing Well: Mid-range properties from $500,000 to $700,000 are highly sought after, with many selling quickly.
• Struggling: Higher-end homes above $1 million are taking longer to sell, reflecting a cautious approach from buyers in this segment.
Overall Market Analysis
Across Denver Metro, South Metro, and the Foothills, the Colorado real estate market exhibits a blend of stability and growth. Buyers and sellers alike benefit from detailed market insights, highlighting key trends such as steady median prices, increasing sales volumes, and varying market paces. The ongoing demand for properties in these regions underscores Colorado’s appeal as a premier destination for real estate.
For a more detailed analysis and to stay updated on the latest market trends, explore our comprehensive market reports. Whether you’re buying or selling, trust Phillip Booghier and LIV Sotheby’s International Realty to guide you through the dynamic real estate landscape.
Contact Information: Phillip Booghier – Global Real Estate Advisor LIV Sotheby’s International Realty 303-961-6956 | [email protected] www.phillipbooghier.com