South Metro Micro Market Report | Quarter 1 2021

Q1 2021

Micro Market Report SOUTH METRO

38 Castle Pines Drive N

7375 Sagebrush Dr

South Metro MARKET UPDATE

Denver’s South Metro communities have been a long-time favorite for consumers searching for the perfect balance of shopping, dining, and outdoor activities with the added benefit of more space than what can typically be found closer to downtown Denver. Although challenges due to the pandemic remain, this collection of Colorado communities, which include The Village at Castle Pines, Castle Rock, Highlands Ranch, and Lone Tree, continue to present consumers with the opportunity to buy and sell homes that will push them towards achieving their lifestyle goals.

LIV Sotheby’s International Realty produces a South Metro Micro Market Report analyzing the real estate performance during Q1 of 2021 compared to that of 2020. Overall, Douglas County, which encompasses the South Metro area, experienced a 13% increase in the total dollar volume sold through March of this year, reaching $1,062,175,870.

Additionally, the average price for homes in this community rose by 18.9%, bringing the average sold price for local homes to $668,456.

The demand for homes within South Metro resulted in the appreciation of home prices in several communities. For example, Castle Pines saw a 49.2% increase in home prices compared to January through March of 2020, which brought the average price to $670,854. The Village at Castle Pines also experienced this trend in appreciating home prices.

Listings in this area sold for an average price of $1,583,056 during Q1 of 2021 – a 42.2% increase from the same time period in 2020.

The number of properties sold grew in several communities as well. One of the most notable increases was seen in Roxborough Park. In a comparison of Q1 performances from 2021 to that of 2020, there were 57.1% more listings sold in this year when 11 homes were sold compared to the

seven homes sold in 2020. An uptick in home sales was also observed in Lone Tree, where the number of real estate sales increased from 29 listings sold in 2020 to 40 listings sold through March of this year.

The increased consumer demand for South Metro homes has decreased the average amount of time that local homes spend on the market. Listings in Highlands Ranch experienced a notable decrease in the average days on market during Q1 of this year. While there were only five homes sold through March of this year, this neighborhood saw an 82.8% drop in the average time a home spent on the market, bringing the average time a home is available for purchase to just five days.

As homebuyers continue to seek out communities where they can attain the lifestyle that they’ve always dreamed of, the South Metro area will see more and more real estate activity. With plenty of exciting new entertainment options and a close proximity to Colorado’s incredible natural spaces, the housing market in this region is sure to remain strong.

DOUGLAS COUNTY January through March

2020

2021

% Change

New Listings

2,428

2,056

-15.3%

Sold Listings (all properties)

1,672

1,589

-5.0%

$562,404

$668,456

18.9%

45

21

-53.3%

98.80%

101.9%

3.1%

$940,339,542

$1,062,175,870

13.0%

Average Price Average Days on Market % Sold Price to Original List Price Total Dollar Volume Sold

Based on Information from REColorado. This representation is based in whole or in part on data supplied by REColorado. REColorado does not guarantee nor is in any way responsible for its accuracy. Data maintained by REColorado may not reflect all real estate activity in the market.

coloradomicroreports.com

SOUTH METRO NEIGHBORHOODS

1. Backcountry

8. Falcon Hills

15. Inspiration

22. Ridgegate

2. Bell Mountain Ranch

9. Firelight

16. Keene Ranch

23. Roxborough Park

3. Castle Pines

10. Forest Park

17. Larkspur

24. Spirit Ridge

4. Castle Rock

11. Golf Club

18. Lone Tree

25. Sterling Ranch

5. Chaparral/Chenango

12. Heritage Estates

19. The Meadows

6. Crystal Valley

13. Heritage Hills

20. Pradera & Timbers

7. Eastridge

14. Highlands Ranch

21. Ravenna

26. The Village at Castle Pines 27. Westridge

15 8 11 13 7 14

12

27

18

1

5

22

9

25 24 21

23 3

10

20

26

19

4

16

17

2

6

MICROMARKET REPORT | South Metro livsothebysrealty.com

JANUARY - MARCH 2021 • COLORADOMICROREPORTS.COM

BACKCOUNTRY BELL MOUNTAIN RANCH CASTLE PINES

January through March

2020

2021

% Change

$1,014,888

$1,334,205

31.5%

$349

$377

7.9%

75

6

-92.0%

$2,800,000

$2,705,000

-3.4%

25

19

-24.0%

% Sold Price to List Price

97.0%

101.5%

4.7%

January through March

2020

2021

% Change

$865,000

$1,103,800

27.6%

$357

$414

16.0%

78

17

-78.2%

$875,000

$1,305,000

49.1%

2

5

150.0%

98.1%

97.9%

-0.2%

2020

2021

% Change

$670,854

$1,000,864

49.2%

$236

$313

32.7%

47

35

-25.5%

$1,100,000

$3,000,000

172.7%

23

22

-4.3%

97.0%

102.4%

5.6%

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold

78.2%

Average Price Average Price per Square Foot Average Days on Market

The average days on market in Bell

Highest Price

Mountain Ranch decreased by 78.2%

Properties Sold

January through March 2021 compared to that of 2020.

172.7% The highest price in Castle Pines increased by 172.7% January through March 2021 compared to that of 2020.

% Sold Price to List Price

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

CASTLE ROCK

January through March

% Change

$548,311

$667,661

21.8%

$240

$282

17.7%

48

22

-54.2%

$3,266,716

$3,725,000

14.0%

462

411

-11.0%

% Sold Price to List Price

98.0%

102.1%

4.2%

January through March

2020

2021

% Change

$994,525

$1,197,000

20.4%

$271

$273

0.7%

157

77

-51.0%

$1,135,000

$1,765,000

55.5%

The number of properties sold in

4

7

75.0%

Chaparral/Chenango

89.6%

94.3%

5.2%

2020

2021

% Change

$515,955

$532,260

3.2%

$210

$231

9.9%

56

69

23.2%

9.9%

$857,500

$740,000

-13.7%

The average price per square foot in the

28

16

-42.9%

97.9%

102.3%

4.6%

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

75.0% increased

by

75.0% January through March 2021 compared to that of 2020.

neighborhood of Crystal Valley increased by 9.9% January through March 2021 compared to that of 2020.

CRYSTAL VALLEY

2021

CHAPARRAL/CHENANGO

2020

FIRELIGHT

FALCON HILLS

EASTRIDGE

January through March

2020

2021

% Change

$490,919

$586,025

19.4%

$258

$296

15.0%

10

4

-60.0%

$670,000

$825,000

23.1%

26

20

-23.1%

% Sold Price to List Price

100.2%

104.7%

4.5%

January through March

2020

2021

% Change

$1,326,250

$1,102,500

-16.9%

$335

$276

-17.7%

49

51

4.1%

$1,605,000

$1,225,000

-23.7%

4

2

-50.0%

95.5%

94.6%

-0.9%

2020

2021

% Change

$548,553

$654,095

19.2%

$254

$287

13.1%

30

8

-73.3%

$725,000

$821,000

13.2%

19

21

10.5%

97.7%

104.0%

6.4%

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold

Falcon Hills is a prestigious, master-planned, gated neighborhood located in Highlands Ranch. In this private neighborhood, residents enjoy the peaceful, quiet atmosphere with views of the Rocky Mountains and the Denver Metro area.

19.2%

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

January through March Average Price Average Price per Square Foot Average Days on Market

The average price in Firelight increased

Highest Price

by 19.2% January through March 2021

Properties Sold

compared to that of 2020.

% Sold Price to List Price

FOREST PARK

January through March

% Change

$822,625

-

-100.0%

$284

-

-100.0%

76

-

-100.0%

$950,500

-

-100.0%

4

No Sales

-100.0%

% Sold Price to List Price

97.5%

-

-100.0%

January through March

2020

2021

% Change

$712,500

$655,000

-8.1%

$228

$290

27.4%

83

20

-75.9%

$737,500

$860,000

16.6%

The average days on market in Highlands

3

4

33.3%

Ranch Golf Club decreased by 75.9%

95.5%

100.0%

4.8%

2020

2021

% Change

Average Price

-

$1,550,000

-

Average Price per Square Foot

-

$373

-

Average Days on Market

-

272

-

Highest Price

-

$1,550,000

-

No Sales

1

-

-

88.6%

-

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

January through March

Properties Sold % Sold Price to List Price

75.9% January through March 2021 compared to that of 2020.

Heritage Estates was built around the fairways of the Lone Tree Golf Course and is located near downtown Lone Tree and Bluffs Regional Park, a popular hiking and biking spot for residents.

HERITAGE ESTATES

2021

HIGHLANDS RANCH GOLF CLUB

2020

HERITAGE HILLS HIGHLANDS RANCH INSPIRATION

22.5% The highest price in the neighborhood

January through March Average Price Average Price per Square Foot Average Days on Market

2020

2021

% Change

$1,011,501

$1,372,600

35.7%

$312

$387

24.1%

84

69

-17.9%

$1,420,000

$1,740,000

22.5%

9

10

11.1%

of Heritage Hills increased by 22.5%

Highest Price

January through March 2021 compared

Properties Sold

to that of 2020.

% Sold Price to List Price

96.0%

99.6%

3.7%

January through March

2020

2021

% Change

$593,170

$689,229

16.2%

$268

$309

15.3%

29

5

-82.8%

$2,800,000

$2,705,000

-3.4%

310

272

-12.3%

98.5%

104.7%

6.3%

2020

2021

% Change

$590,778

$640,906

8.5%

$230

$273

18.7%

128

58

-54.7%

$726,600

$890,000

22.5%

20

19

-5.0%

96.9%

101.3%

4.5%

15.3%

Average Price Average Price per Square Foot Average Days on Market

The average price per square foot in

Highest Price

Highlands Ranch increased by 15.3%

Properties Sold

January through March 2021 compared to that of 2020.

% Sold Price to List Price

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

$1,035,000

$1,586,250

53.3%

$319

$410

28.5%

72

4

-94.4%

94.4%

$1,220,000

$2,250,000

84.4%

The average days on market in Keene

2

4

100.0%

% Sold Price to List Price

85.7%

102.9%

20.1%

January through March

2020

2021

% Change

$665,958

$834,813

25.4%

$271

$371

36.7%

55

11

-80.0%

25.4%

$1,000,000

$1,375,000

37.5%

The average price in Larkspur increased

24

19

-20.8%

by 25.4% January through March 2021

97.4%

102.5%

5.2%

2020

2021

% Change

$858,218

$1,096,025

27.7%

$278

$334

20.0%

51

39

-23.5%

$1,730,000

$1,740,000

0.6%

29

40

37.9%

97.1%

99.5%

2.5%

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

Ranch decreased by 94.4% January through March 2021 compared to that of 2020.

compared to that of 2020.

LONE TREE

% Change

LARKSPUR

2021

KEENE RANCH

2020

January through March

THE MEADOWS PRADERA & TIMBERS RAVENNA

January through March

2020

2021

% Change

$490,473

$549,554

12.0%

$225

$267

18.9%

38

7

-81.6%

$750,000

$850,000

13.3%

99

79

-20.2%

% Sold Price to List Price

98.6%

103.1%

4.5%

January through March

2020

2021

% Change

$915,306

$1,015,053

10.9%

$249

$291

16.8%

85

34

-60.0%

$1,625,000

$1,900,000

16.9%

26

22

-15.4%

96.2%

100.5%

4.4%

2020

2021

% Change

$2,045,229

$2,121,167

3.7%

$699

$623

-10.9%

164

196

19.5%

$3,047,125

$3,150,000

3.4%

6

6

0.0%

99.5%

94.2%

-5.3%

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold

10.9%

Average Price Average Price per Square Foot Average Days on Market

The average price in the neighborhood

Highest Price

of Pradera & Timbers increased by 10.9%

Properties Sold

January through March 2021 compared to that of 2020.

Ravenna is a charming custom-home village in Littleton set among rolling hills and red rock outcroppings on a worldclass golf course in Waterton Canyon.

% Sold Price to List Price

January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

91.1%

2020

2021

% Change

$484,900

$569,750

17.5%

$287

$323

12.5%

45

4

-91.1%

$825,000

$701,000

-15.0%

The average days on market in the

10

4

-60.0%

neighborhood of Ridgegate decreased

% Sold Price to List Price

97.3%

101.5%

4.4%

January through March

2020

2021

% Change

$662,757

$1,023,818

54.5%

$301

$381

26.6%

68

84

23.5%

$810,000

$1,581,000

95.2%

7

11

57.1%

96.9%

97.6%

0.8%

2020

2021

% Change

$1,145,000

$1,391,667

21.5%

$296

$325

9.7%

13

352

2607.7%

$1,200,000

$1,500,000

25.0%

The highest price in the neighborhood of

2

3

50.0%

Spirit Ridge increased by 25.0% January

93.3%

86.5%

-7.3%

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold

Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

25.0% through March 2021 compared to that of 2020.

SPIRIT RIDGE

January through March

compared to that of 2020.

ROXBOROUGH PARK

Average Price

by 91.1% January through March 2021

RIDGEGATE

January through March

WESTRIDGE

2020

2021

% Change

$611,800

$679,777

11.1%

$238

$267

12.1%

87

23

-73.6%

$940,000

$871,200

-7.3%

22

18

-18.2%

% Sold Price to List Price

96.3%

101.3%

5.2%

January through March

2020

2021

% Change

$1,113,139

$1,583,056

42.2%

$387

$445

15.0%

98

54

-44.9%

$3,266,716

$3,725,000

14.0%

29

25

-13.8%

93.7%

98.4%

5.1%

2020

2021

% Change

$474,893

$574,310

20.9%

$274

$311

13.5%

14

5

-64.3%

$645,000

$821,000

27.3%

28

25

-10.7%

100.4%

105.5%

5.1%

Average Price Average Price per Square Foot Average Days on Market

The average days on market in Sterling

Highest Price

Ranch decreased by 73.6% January

Properties Sold

through March 2021 compared to that of 2020.

THE VILLAGE AT CASTLE PINES

STERLING RANCH

73.6%

January through March

Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price

27.3%

January through March Average Price Average Price per Square Foot Average Days on Market

The highest price in the neighborhood of

Highest Price

Westridge increased by 27.3% January

Properties Sold

through March 2021 compared to that of 2020.

% Sold Price to List Price

MICROMARKET REPORT | South Metro JANUARY - MARCH 2021 • COLORADOMICROREPORTS.COM