West Metro Q3, 2018 Micro Market Report

MICROMARKET REPORT |

West Metro • January-September 2018

WEST METRO NEIGHBORHOODS

12

6 7 5

1

8

11

13 14

16

10 15 19

17 18

2 3 20 4

9

1. Canyon Point 2. Mesa Meadows 3. Golden Incorporated 4. Eagle Ridge 5. Table Rock 6. Spring Mesa 7. Trail Village 8. Fieldstone 9. Mesa View Estates 10. Sunrise Ridge 11. West Woods 12. Village of Five Parks 13. Candelas 14. Leyden Rock 15. Ryan Ranch 16. Alkire Estates 17. Oak Park 18. Skyline Estates 19. Gardens at Table Mountain 20. Applewood

Pictured on cover: 7775 Spring Ranch Road, Golden

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WEST METRO market update Located just west of Denver’s bustling city center, but not as far as the Foothills, are the West Metro neighborhoods. These 20 neighborhoods offer a mix of urban and rural lifestyle, with close proximity to the activities of Denver without being in the heart of the city. In addition, home prices offer more flexibility for investment in a larger footprint.

Recreational activities, employment opportunities, and serenity are a few of the reasons families and professionals of all ages find the West Metro attractive. Specifically for employment opportunities, the West Metro houses corporations with a focus in aerospace, aviation, bioscience, and energy.

Highlights from LIV Sotheby’s International Realty’s report comparing January through September of 2018 to 2017, include average price increases of over 10% for Eagle Ridge, Mesa Meadows, Trail Village, and West Woods. The highest average price reported in 2018 is $881,041 in the Trail Village neighborhood, a 35.3% increase from 2017. The majority of West Metro neighborhoods saw a significant decrease in average days on market with Alkire Estates, Candelas,

January-September 2018 Highlights: • Eagle Ridge’s average price is $751,208

12.0%

• Golden’s average price is $590,570

9.2%

• Mesa Meadows’ average price is $855,357

15.8%

• West Wood’s average price is $697,789

15.4%

Canyon Point, Eagle Ridge, Village at Five Parks, Gardens at Table Mountain, Ryan Ranch, and Spring Mesa neighborhoods showing a decrease of over 40%. Most notable is Alkire Estates’ average days on market reporting at two days in 2018, compared to 80 days in 2017.

The West Metro area includes diverse neighborhoods that provide different results for the real estate market. Overall, buyers interested in the West Metro area should be expected to make quick purchasing decisions. Sellers should expect fair-priced offers with competitive time frames.

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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.

MICROMARKET REPORT | West Metro JANUARY- SEPTEMBER 2018 • COLORADOMICROREPORTS.COM

ALKIRE ESTATES January through September

2017

Average Price

$870,000

$795,000

-8.6%

$295

$196

-33.4%

80

2

-97.5%

$870,000

$795,000

-8.6%

1

1

0.0%

95.1%

101.3%

6.5%

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

2018

% Change

APPLEWOOD January through September Average Price

2017

$604,250

4.4%

$308

$341

10.8%

26

27

3.8%

$1,760,000

$1,595,000

-9.4%

98

98

0.0%

97.4%

97.7%

0.3%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$578,598

Average Price per Square Foot

Highest Price

2018

10.8%

January through September 2018, the average price per square foot in the neighborhood of Applewood increased by 10.8% compared to that of 2017.

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

2017

2018

% Change

$557,912

$581,120

4.2%

$205

$222

8.3%

145

80

-44.8%

$1,099,900

$1,046,590

-4.8%

69

106

53.6%

97.5%

98.5%

1.0%

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CANYON POINT January through September Average Price

Canyon Point is located just north of Golden near many restaurants and shops, and boasts sweeping views of Colorado’s foothills.

2017

$768,667

3.6%

$291

$353

21.2%

16

3

-81.3%

$866,900

$965,000

11.3%

6

3

-50.0%

99.5%

99.1%

-0.5%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$741,983

Average Price per Square Foot

Highest Price

2018

EAGLE RIDGE January through September Average Price

2017

$751,208

12.0%

$268

$338

26.1%

49

18

-63.3%

$860,000

$939,000

9.2%

7

12

71.4%

97.9%

101.4%

3.5%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$670,571

Average Price per Square Foot

Highest Price

2018

FIELDSTONE January through September Average Price

Fieldstone is a family-friendly community within Arvada that borders Long Lake Regional Park, offering residents easy access to many recreational trails.

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

2017

2018

% Change

$659,867

$670,045

1.5%

$209

$220

5.3%

16

23

43.8%

$753,203

$805,000

6.9%

6

11

83.3%

100.0%

98.7%

-1.3%

MICROMARKET REPORT | West Metro livsothebysrealty.com

JANUARY- SEPTEMBER 2018 • COLORADOMICROREPORTS.COM

VILLAGE AT FIVE PARKS January through September Average Price

2017

$580,597

7.7%

$214

$223

4.3%

33

19

-42.4%

$710,000

$675,000

-4.9%

40

19

-52.5%

98.1%

99.5%

1.5%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$539,047

Average Price per Square Foot

Highest Price

2018

7.7%

The average price in the neighborhood of The Village at Five Parks increased by 7.7% January through September 2018 compared to that of 2017.

GARDENS AT TABLE MOUNTAIN January through September Average Price

2017

$682,885

8.1%

$257

$304

18.4%

133

72

-45.9%

$861,498

$745,000

-13.5%

8

5

-37.5%

97.8%

100.0%

2.2%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$631,883

Average Price per Square Foot

Highest Price

2018

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

2017

2018

% Change

$540,853

$590,570

9.2%

$330

$380

15.2%

19

22

15.8%

$1,495,000

$1,125,000

-24.7%

118

133

12.7%

99.9%

100.0%

0.1%

Golden is conveniently located near I-70, offering quick access to both metro Denver and Colorado’s world-class ski resorts.

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LEYDEN ROCK January through September Average Price

2017

$612,825

9.6%

$224

$241

7.2%

106

75

-29.2%

$900,000

$1,004,076

11.6%

107

87

-18.7%

98.0%

98.4%

0.4%

Average Days on Market

Properties Sold % Sold Price to List Price

27.1%

January through September 2018, the highest price in the neighborhood of Mesa Meadows increased by 27.1% compared to that of 2017.

% Change

$559,318

Average Price per Square Foot

Highest Price

2018

MESA MEADOWS January through September Average Price

2017

$855,357

15.8%

$426

$361

-15.3%

21

17

-19.0%

$885,000

$1,125,000

27.1%

4

7

75.0%

98.6%

97.2%

-1.4%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$738,781

Average Price per Square Foot

Highest Price

2018

MESA VIEW ESTATES January through September

2017

Average Price

$688,600

$755,680

9.7%

$237

$243

2.3%

42

105

150.0%

$850,000

$888,000

4.5%

16

25

56.3%

97.4%

96.2%

-1.2%

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

2018

% Change

MICROMARKET REPORT | West Metro livsothebysrealty.com

JANUARY- SEPTEMBER 2018 • COLORADOMICROREPORTS.COM

OAK PARK January through September Average Price

2017

% Change

$490,667

$486,714

-0.8%

$204

$229

12.2%

14

10

-28.6%

$522,000

$540,000

3.4%

3

7

133.3%

97.7%

97.7%

0.0%

Average Price per Square Foot Average Days on Market Highest Price

2018

Properties Sold % Sold Price to List Price

RYAN RANCH January through September Average Price

2017

% Change

$615,250

$654,150

6.3%

$209

$242

15.8%

115

18

-84.3%

$637,000

$725,000

13.8%

4

6

50.0%

96.4%

99.5%

3.3%

Average Price per Square Foot Average Days on Market Highest Price

2018

Properties Sold % Sold Price to List Price

15.8%

The average price per square foot for the neighborhood of Ryan Ranch increased by 15.8% January through September 2018 compared to that of 2017.

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

2017

2018

% Change

$538,815

$548,200

1.7%

$226

$250

10.6%

20

14

-30.0%

$575,000

$600,000

4.3%

13

10

-23.1%

98.3%

99.4%

1.2%

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23.1%

January through September 2018, the average price per square foot in the neighborhood of Spring Mesa increased by 23.1% compared to that of 2017.

SPRING MESA January through September

2017

Average Price

$800,056

$805,318

0.7%

$229

$282

23.1%

50

9

-82.0%

$930,000

$887,000

-4.6%

9

11

22.2%

97.5%

99.4%

2.0%

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

2018

% Change

SUNRISE RIDGE January through September Average Price

2017

$629,500

6.2%

$222

$221

-0.1%

21

29

38.1%

$712,000

$679,500

-4.6%

16

7

-56.3%

97.9%

99.5%

1.6%

Average Days on Market

Properties Sold % Sold Price to List Price

% Change

$592,916

Average Price per Square Foot

Highest Price

2018

TABLE ROCK January through September Average Price

Table Rock is a newly developed community, offering ranch-style and two-story residences at the base of Table Rock Mountain.

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

2017

2018

% Change

$764,677

$768,060

0.4%

$270

$261

-3.6%

33

31

-6.1%

$863,000

$975,000

13.0%

13

15

15.4%

97.1%

98.4%

1.3%

MICROMARKET REPORT | West Metro livsothebysrealty.com

JANUARY- SEPTEMBER 2018 • COLORADOMICROREPORTS.COM

TRAIL VILLAGE January through September Average Price

2017

% Change

$651,094

$881,041

35.3%

$222

$272

22.3%

29

24

-17.2%

$1,340,000

$1,825,000

36.2%

5

11

120.0%

98.7%

101.0%

2.4%

Average Price per Square Foot Average Days on Market Highest Price

2018

Properties Sold % Sold Price to List Price

WEST WOODS January through September

2017

Average Price

$604,506

$697,789

15.4%

$244

$265

8.8%

29

21

-27.6%

$1,340,000

$1,825,000

36.2%

68

61

-10.3%

98.9%

99.5%

0.7%

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

NUMBER OF DAYS OF SUNSHINE: 300

2018

% Change

15.4%

January through September 2018, the average price in the neighborhood of West Woods increased by 15.4% compared to that of 2017.

NUMBER OF CRAFT BREWERIES IN GOLDEN: 7

DESIGNATED ACRES FOR PARKS IN ARVADA: 3,400

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livsothebysrealty.com | coloradomicroreports.com 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.