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