West Metro Micro Market Report | Quarter 1 2021

Q1 2021

Micro Market Report WEST METRO

6550 Deframe Court

9885 W 73rd Place

West Metro MARKET UPDATE

Living on the west side of Denver offers many perks that just don’t compare to other Metro areas. Nestled along the Foothills, West Metro has an abundance of open space and trails, while still being a short distance to the bustling Denver center.

Real estate throughout the state of Colorado is showing spikes in performance through Q1 of this year, but it’s clear that West Metro is welcoming an abundance of buyers, setting new levels of activity in the market. With home preferences shifting and focusing on more space and access to recreation, West Metro is the perfect home for many buyers.

LIV Sotheby’s International Realty produces a Micro Market Report focused on the West Metro market and the Q1 2021 performance compared to the same timeframe of 2020. The report shows a clear rise in demand, with a 15.3% increase in the average price met with a dramatic 46.9% decrease in the average days on market. This competition for homes was most likely driven by the 15.8% drop in the number of new listings, with 2,434 new listings on the market so far this year compared to 2,892 in Q1 of 2020.

Looking at each of the 24 communities defined in this report, all areas with sales showed an increase in the average price except for Tablerock. Tablerock’s drop in average price is an opportunity for buyers to claim their home in the area, with an expected average price of $710,000 this year. The desirable area of Applewood showed one of the highest increases in average price, with a rise of 38.3%, bringing the average price to $844,712 this year.

Most notably, Green Mountain Village dropped a substantial 92% to just two average days on market. Sunrise Ridge showed a similar decrease of 97.6% comparing this year to 2020, resulting in just three days a home stayed on the market in Q1. These areas are hotspots for those looking to invest in the West Metro area. For buyers, Solterra showed the smallest decrease in average days on market of 2.3%, allowing for an average of 43 days to make a home buying decision.

The West Metro is clearly a popular location for buyers, driving demand and resulting in rewards for sellers. Buyers still do have opportunities to make investments in many areas, with an expectation to act quickly when you find that perfect home for your next chapter.

JEFFERSON COUNTY January through March

2020

2021

% Change

New Listings

2,892

2,434

-15.8%

Sold Listings (all properties)

2,162

2,072

-4.2%

Average Price (all Properties)

$489,104

$563,770

15.3%

Average Price (single family)

$563,192

$657,800

16.8%

32

17

-46.9%

99.8%

102.1%

2.3%

$1,057,442,508

$1,168,131,098

10.5%

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

Increases in average price were also met with considerable decreases in the average days on market for most areas.

Based on information from the Pikes Peak REALTOR® Services Corp. (“RSC”), for the period January 1, 2021 - March 31, 2021. RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market.

coloradomicroreports.com

WEST METRO NEIGHBORHOODS

1. Alkire Estates

7. Village of Five Parks

2. Applewood

8. City of Golden Proper

3. Arvada

9. Green Mountain Village

14. Oak Park

20. Table Rock

4. Candelas (arrow up)

10. Leyden Rock

15. Ryan Ranch

21. Tamarisk

5. Canyon Point

11. Mesa Meadows

16. Skyline Estates

22. Trail Village

6. Eagle Ridge

12. Mesa View Estates

17. Solterra

23. Westwoods

13. North Table Mountain Village

4

18. Spring Mesa 19. Sunrise Ridge

7

10

1 14

18 23

22

19 20

3

15

13

16

11 5

8 2

6 12

9 17 21

MICROMARKET REPORT | West Metro livsothebysrealty.com

JANUARY - MARCH 2021 • COLORADOMICROREPORTS.COM

ALKIRE ESTATES ARVADA

APPLEWOOD

Alkire Estates offers custom homes on larger lots, typically around one-half acre and up.

Residents love Alkire Estates because of the vast green open space as well as nearby Standley Lake and Standley Lake State Park.

January through March

2020

2021

% Change

Average Price

-

$1,342,500

-

Average Price per Square Foot

-

$354

-

Average Days on Market

-

29

-

Highest Price

-

$1,385,000

-

No Sales

2

-

% Sold Price to List Price

-

95.1%

-

January through March

2020

2021

% Change

$610,638

$844,712

38.3%

$349

$398

14.0%

31

18

-41.9%

$1,037,500

$2,700,000

160.2%

20

20

0.0%

98.6%

101.5%

2.9%

2020

2021

% Change

$471,394

$539,224

14.4%

$289

$341

18.1%

30

12

-60.0%

$1,198,330

$2,075,000

73.2%

518

546

5.4%

99.3%

103.4%

4.2%

Properties Sold

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

18.1% The average price per square foot in Arvada increased by 18.1% January through March 2021 compared to that of 2020.

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

2021

% Change

$637,851

$711,127

11.5%

$226

$276

22.5%

68

25

-63.2%

63.2%

$929,909

$1,000,000

7.5%

The average days on market in Candelas

32

20

-37.5%

decreased by 63.2% January through

% Sold Price to List Price

98.9%

99.8%

0.9%

January through March

2020

2021

% Change

$742,250

$1,115,000

50.2%

$376

$409

8.7%

8

5

-37.5%

$769,500

$1,115,000

44.9%

2

1

-50.0%

104.3%

101.4%

-2.8%

2020

2021

% Change

$719,000

$1,001,333

39.3%

$439

$411

-6.3%

2

4

100.0%

84.3%

$719,000

$1,325,000

84.3%

The highest price in the neighborhood of

1

3

200.0%

104.4%

106.5%

2.0%

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

Eagle Ridge increased by 84.3% January through March 2021 compared to that of 2020.

EAGLE RIDGE

January through March

CANYON POINT

Average Price

March 2021 compared to that of 2020.

CANDELAS

2020

January through March

VILLAGE OF FIVE PARKS CITY OF GOLDEN PROPER GREEN MOUNTAIN VILLAGE

January through March

2020

2021

% Change

$617,186

-

-

$231

-

-

25

-

-

$653,000

-

-

7

No Sales

-

% Sold Price to List Price

98.5%

-

-

January through March

2020

2021

% Change

$650,225

$687,562

5.7%

$383

$446

16.5%

39

19

-51.3%

$1,050,000

$1,520,000

44.8%

32

35

9.4%

98.5%

100.1%

1.7%

2020

2021

% Change

$462,833

$542,773

17.3%

$304

$408

34.3%

25

2

-92.0%

$605,000

$685,000

13.2%

18

22

22.2%

99.21%

105.8%

6.7%

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

44.8%

Average Price Average Price per Square Foot Average Days on Market

The highest price in the City of Golden

Highest Price

Proper increased by 44.8% January

Properties Sold

through March 2021 compared to that of 2020.

92.0% The average days on market in Green Mountain Village decreased by 92.0% 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

23.6%

2020

2021

% Change

$618,953

$765,141

23.6%

$252

$301

19.3%

48

10

-79.2%

The average price in the neighborhood

$870,000

$1,125,000

29.3%

of Leyden Rock increased by 23.6%

26

27

3.8%

January through March 2021 compared

% Sold Price to List Price

97.4%

102.0%

4.8%

January through March

2020

2021

% Change

$888,000

-

-

$442

-

-

27

-

-

$1,050,000

-

-

3

No Sales

-

96.1%

-

-

2020

2021

% Change

$844,999

$952,500

12.7%

$249

$290

16.6%

40

12

-70.0%

$938,888

$1,150,000

22.5%

3

4

33.3%

97.3%

98.9%

1.7%

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

70.0% The average days on market in the neighborhood of Mesa View Estates decreased by 70.0% January through March 2021 compared to that of 2020.

MESA VIEW ESTATES

January through March

MESA MEADOWS

Average Price

to that of 2020.

LEYDEN ROCK

January through March

RYAN RANCH

January through March

2020

2021

% Change

$711,000

-

-

$283

-

-

3

-

-

$711,000

-

-

1

No Sales

-

% Sold Price to List Price

105.3%

-

-

January through March

2020

2021

% Change

$545,000

-

-

$273

-

-

21

-

-

$575,000

-

-

2

No Sales

-

99.0%

-

-

2020

2021

% Change

Average Price

-

$815,000

-

Average Price per Square Foot

-

$266

-

Average Days on Market

-

9

-

Highest Price

-

$815,000

-

No Sales

1

-

-

95.9%

-

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

Average Price

OAK PARK

NORTH TABLE MOUNTAIN VILLAGE

North Table Mountain Village, a subdivision in the town of Golden, is made up of about 140 single-family homes surrounded by plenty of parks. Nearby lies the picturesque Shiloh Farms Equestrian Center, perfect for horse enthusiasts.

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

Ryan Ranch is a subdivision in Golden, surrounded by parks and within close proximity to the popular Long Lake Regional Park as well as the Shiloh Farms Equestrian Center and The West Wood Golf Club.

January through March

Properties Sold % Sold Price to List Price

22.0%

2021

% Change

$601,000

$733,500

22.0%

$255

$272

6.6%

8

4

-50.0%

$601,000

$782,500

30.2%

1

2

100.0%

% Sold Price to List Price

97.7%

103.6%

6.0%

January through March

2020

2021

% Change

$844,083

$960,458

13.8%

$376

$378

0.5%

44

43

-2.3%

41.7%

$1,200,000

$1,434,600

19.6%

The number of properties sold in the

12

17

41.7%

neighborhood

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

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

average

neighborhoood

average of

price

Skyline

in

the

Estates

increased by 22.0% January through

of

Solterra

increased

by 41.7% January through March 2021

98.6%

100.3%

1.7%

2020

2021

% Change

$936,000

$1,125,000

20.2%

$240

$371

54.5%

5

11

120.0%

54.5%

$936,000

$1,295,000

38.4%

The average price per square foot in

1

2

100.0%

Spring Mesa increased by 54.5% January

101.2%

102.2%

1.0%

compared to that of 2020.

through March 2021 compared to that of 2020.

SPRING MESA

January through March

The

SOLTERRA

2020

SKYLINE ESTATES

January through March

SUNRISE RIDGE

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

2020

2021

% Change

$725,833

$773,129

6.5%

$301

$312

3.6%

124

3

-97.6%

$760,000

$852,500

12.2%

3

4

33.3%

94.5%

104.4%

10.5%

TAMARISK

TABLEROCK

T

Tablerock offers ranch-style and two-story residences at the base of Table Rock Mountain and north of downtown Golden. Tablerock offers residents close access to many hiking trails.

Tamarisk is located in south Green Mountain, a Lakewood suburb. Tamarisk offers close proximity to some of Colorado’s best amenities, including Red Rocks Amphitheater, Bear Creek Lake Park, Dinosaur Ridge Park, and Morrison.

January through March 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

2020

2021

% Change

$828,000

$710,000

-14.3%

$312

$323

3.5%

2

0

-100.0%

$828,000

$710,000

-14.3%

1

1

0.0%

99.8%

101.4%

1.7%

2020

2021

% Change

$779,975

-

-

$232

-

-

13

-

-

$799,950

-

-

1

No Sales

-

97.5%

-

-

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

2020

2021

% Change

$747,750

-

-

$259

-

-

40

-

-

$940,000

-

-

2

No Sales

-

98.5%

-

-

2020

2021

% Change

$631,211

$694,900

10.1%

$283

$322

13.9%

29

5

-82.8%

$740,000

$912,000

23.2%

9

5

-44.4%

99.9%

102.5%

2.6%

TRAIL VILLAGE

January through March

TABLEROCK

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

82.8% The average days on market in the neighborhood of Westwoods decreased by 82.8% January through March 2021 compared to that of 2020.

WEST WOODS

January through March

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