MICROMARKET REPORT
SOUTH METRO | Q1 2020
SOUTH METRO NEIGHBORHOODS 1. Backcountry
16. Highlands Ranch
2. Bell Mountain Ranch
17. Inspiration
3. Broadmoor
18. Keene Ranch
4. Castle Pines
19. Larkspur
5. Castle Rock
20. Lone Tree
6. Chaparral/Chenango
21. The Meadows
7. Colorado Springs
22. Pradera & Timbers
8. Crystal Valley
23. Ravenna
9. Eastridge
24. Ridgegate
10. Falcon Hills
25. Roxborough Park
11. Firelight
26. Spirit Ridge
12. Forest Park
27. Sterling Ranch
13. Golf Club
28. The Village at Castle
14. Heritage Estates 15. Heritage Hills
23 25 6
17
16
29
9
15
20 14
1
24
11 22
27
26
4
28
Pines 29. Westridge
21
12 5 8 2
18
19
7
3
10
13
Pictured on cover: 318 Paragon Way, Castle Rock
coloradomicroreports.com
SOUTH METRO MARKET UPDATE
The South Metro communities found in Douglas County are a lively collection of neighborhoods that are becoming a hub for business, shopping, and entertainment outside of downtown Denver. A short drive down I-25 South will land you in some South Metro beautiful neighborhoods such as The Village at Castle Pines, Castle Rock, Highlands Ranch, and Lone Tree. These towns are home to spacious subdivisions, landmark developments, and plenty of new construction. The continual growth and evolution of this area ensure that the real estate market will remain strong. LIV Sotheby’s International Realty produces a South Metro Micro Market Report analyzing the real estate performance during Q1 of 2020 compared to that of 2019. Douglas County as a whole saw an impressive 24.2% increase in the January through March 2019 2020 number of new listings, met with a 34.7% New Listings 2,213 2,748 increase in the number of sold listings. Of the 29 neighborhoods that make up South Metro, Sold Listings (All Properties) 1,449 1,952 many saw increases in home prices. Forest Average Price Single Family $545,274 $563,171 Park saw the largest increase in average price Average Price Attached Dwellings 46 52 during Q1, rising by 43.9% compared to Q1 of Average Days on Market 97.6% 98.1% 2019. The average price for homes in this area through March of this year was $822,625. % Sold Price to Original List Price $790,945,445 $912,337,133
DOUGLAS COUNTY
Total Dollar Volume Sold
$18,586,566,313
$19,649,402,461
% Change 24.2% 34.7% 3.3% 13.0% 0.4% 15.3% 5.7%
The number of properties sold grew in several communities as well. By far the most notable increase was seen in Pradera and Timbers. In a comparison of Q1 performances from 2020 to 2019, there were 100% more listings sold in Pradera and Timbers this year, when 26 homes were sold, compared to the 13 homes sold in 2019. Homes in Ridgegate experienced a notable decrease in the average days on market during Q1 of this year. The neighborhood saw a 42.3% drop in the average time a home spent on the market, bringing the average to just 45 days. South Metro is quickly becoming one of the more popular communities in the area to call home. With new homes, businesses, and entertainment options being added to the neighborhoods frequently, it’s no wonder homebuyers are jumping at the opportunity to buy and sell property in these neighborhoods.
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. Based on Information from the Pikes Peak REALTOR services Corp. (“RSC”) for the period January 1, 2020 through March 31, 2020. RSC does not guarantee or is in any way responsible for its accuracy. Data painted by RSC may not reflect all real estate activity in the market.
MICROMARKET REPORT | South Metro livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
BACKCOUNTRY January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,233,208
$1,014,888
-17.7%
$330
$349
5.8%
52
75
44.2%
$4,595,032
$2,800,000
-39.1%
22
25
13.6%
96.7%
97.0%
0.2%
1042 Southbury Place, Highlands Ranch
BELL MOUNTAIN RANCH January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
12.4%
2019
2020
% Change
$909,583
$865,000
-4.9%
$361
$357
-1.2%
89
78
-12.4%
$1,640,000
$875,000
-46.6%
neighborhood of Bell Mountain Ranch decreased
6
2
-66.7%
by 12.4% January through March 2020
95.7%
98.1%
2.5%
compared to that of 2019.
The average days on market for the
BROADMOOR January through March
Home to the famous
Average Price
Broadmoor Resort, this
Average Price per Square Foot
neighborhood includes
Average Days on Market
homes ranging from
Highest Price
moderate to high-end.
Properties Sold % Sold Price to List Price
2019
2020
% Change
$618,373
$697,424
12.8%
$168
$182
8.3%
90
69
-23.3%
$1,425,000
$2,200,000
54.4%
41
52
26.8%
96.7%
98.2%
1.6%
coloradomicroreports.com
CASTLE PINES January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$631,338
$660,047
4.5%
$241
$241
0.2%
48
45
-6.3%
$1,223,868
$1,100,000
-10.1%
20
16
-20.0%
97.6%
97.2%
-0.4%
908 Meadowrose Lane, Castle Pines
24.3%
CASTLE ROCK January through March Average Price Average Price per Square Foot
The number of properties sold in Castle Rock
Average Days on Market
increased by 24.3% January through March
Highest Price
2020 compared to that of 2019.
Properties Sold % Sold Price to List Price
2019
2020
% Change
$488,270
$521,997
6.9%
$221
$254
15.1%
63
39
-38.1%
$1,785,000
$3,000,000
68.1%
70
87
24.3%
98.7%
98.5%
-0.2%
CHAPARRAL/CHENANGO January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,035,600
$994,525
-4.0%
$247
$271
9.9%
95
157
65.3%
$1,253,000
$1,135,000
-9.4%
5
4
-20.0%
90.8%
89.6%
-1.4%
18852 E Long Ave, Centennial
MICROMARKET REPORT | South Metro livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
COLORADO SPRINGS January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$346,118
$385,485
11.4%
$153
$166
8.5%
40
28
-30.0%
$1,975,000
$2,200,000
11.4%
2,706
2,782
2.8%
99.6%
100.2%
0.6%
1555 Cutler Point, Colorado Springs
CRYSTAL VALLEY January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
8.2%
2019
2020
% Change
$428,117
$521,665
21.9%
$211
$229
8.2%
37
68
83.8%
The average price per square foot for the
$463,500
$720,000
55.3%
neighborhood of Crystal Valley increased by
9
6
-33.3%
8.2% January through March 2020 compared
98.9%
96.5%
-2.4%
to that of 2019.
EASTRIDGE January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$495,535
$490,919
-0.9%
$243
$258
6.0%
16
10
-37.5%
$750,000
$670,000
-10.7%
31
26
-16.1%
99.2%
100.2%
1.0%
coloradomicroreports.com
FALCON HILLS January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,100,000
$1,326,250
20.6%
$253
$335
32.5%
287
49
-82.9%
$1,100,000
$1,605,000
45.9%
1
4
300.0%
86.3%
95.5%
10.7%
82.9% The average days on market for the
neighborhood of Falcon Hills decreased by 82.9% January through March 2020 compared to that of 2019.
FIRELIGHT January through March
Firelight is a community
Average Price
in Highlands Ranch with
Average Price per Square Foot
magnificent panoramic
Average Days on Market
views of the Rocky
Highest Price
Mountain foothills and
Properties Sold % Sold Price to List Price
FOREST PARK January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$571,750
$822,625
43.9%
$255
$284
11.3%
78
76
-2.6%
$754,000
$950,500
26.1%
4
4
0.0%
92.6%
97.5%
5.3%
2019
2020
% Change
$510,403
$548,553
7.5%
$254
$254
-0.3%
32
30
-6.3%
$715,000
$725,000
1.4%
14
19
35.7%
98.9%
97.7%
-1.2%
26.1%
The highest price sold in the neighborhood of Forest Park increased by 26.1% January
through March 2020 compared to that of 2019.
MICROMARKET REPORT | South Metro livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
GOLF CLUB January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$876,300
$712,500
-18.7%
$285
$228
-19.9%
7
83
1085.7%
$1,075,000
$737,500
-31.4%
3
3
0.0%
99.8%
95.5%
-4.4%
HERITAGE ESTATES January through March Average Price
2019
2020
% Change
$1,932,500
-
-
$417
-
-
21
-
-
$2,175,000
-
-
2
No Sales
-
96.62%
-
-
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
12.5%
The number of properties sold in the
neighborhood of Heritage Hills increased by 12.5% January through March 2020 compared to that of 2019.
Hertiage Estates began development in the early 1990’s. This community is located on and is built around the fairways of the Lone Tree Golf Course.
HERITAGE HILLS January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,207,022
$1,011,501
-16.2%
$350
$312
-10.8%
16
84
425.0%
$1,675,000
$1,420,000
-15.2%
8
9
12.5%
97.80%
96.0%
-1.8%
coloradomicroreports.com
HIGHLANDS RANCH January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$569,387
$593,170
4.2%
$261
$268
2.8%
29
29
0.0%
$4,595,032
$2,800,000
-39.1%
282
310
9.9%
98.3%
98.5%
0.3%
4.2%
The average price in Highlands Ranch increased by 4.2% January through March
2020 compared to that of 2019.
INSPIRATION January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
KEENE RANCH January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,183,750
$1,035,000
-12.6%
$378
$319
-15.5%
97
72
-25.8%
$1,500,000
$1,220,000
-18.7%
4
2
-50.0%
92.1%
85.7%
-6.9%
2019
2020
% Change
$585,857
$590,778
0.8%
$239
$230
-3.8%
89
128
43.8%
$780,000
$726,600
-6.8%
27
20
-25.9%
97.6%
96.9%
-0.7%
25.8% The average days on market for the
neighborhood of Keene Ranch decreased by 25.8% January through March 2020 compared to that of 2019.
MICROMARKET REPORT | South Metro livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
LARKSPUR January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$729,596
$665,958
-8.7%
$269
$271
0.8%
89
55
-38.2%
$1,675,000
$1,000,000
-40.3%
14
24
71.4%
97.0%
97.4%
0.5%
1812 Arsata Place, Larkspur
LONE TREE January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$945,619
$858,218
-9.2%
$319
$278
-12.8%
36
51
41.7%
$2,175,000
$1,730,000
-20.5%
33
29
-12.1%
97.63%
97.1%
-0.5%
25.5%
The average days on market for the
neighborhood of The Meadows decreased by 25.5% January through March 2020 compared to that of 2019.
Lone Tree is a large suburban neighborhood that was incorporated into the south metro area of Denver in 1996.
THE MEADOWS January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$455,570
$490,473
7.7%
$228
$225
-1.3%
51
38
-25.5%
$705,000
$750,000
6.4%
102
99
-2.9%
97.5%
98.6%
1.2%
coloradomicroreports.com
PRADERA & TIMBERS January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$993,833
$915,306
-7.9%
$243
$249
2.4%
126
85
-32.5%
$1,900,000
$1,625,000
-14.5%
13
26
100.0%
94.0%
96.2%
2.4%
5415 Sage Thrasher Road, Parker
RAVENNA January through March
Located within Roxborough
Average Price
Park, this area is known for
Average Price per Square Foot
its dramatic red sandstone
Average Days on Market
formations
Highest Price Properties Sold % Sold Price to List Price
RIDGEGATE January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,749,154
$2,045,229
16.9%
$599
$699
16.7%
144
164
13.9%
$1,749,154
$3,047,125
74.2%
5
6
20.0%
90.5%
99.5%
10.0%
25.0%
2019
2020
% Change
$691,838
$484,900
-29.9%
$292
$287
-1.8%
78
45
-42.3%
$1,225,000
$825,000
-32.7%
neighborhood of Ridgegate increased by 25.0%
8
10
25.0%
January through March 2020 compared to that
95.27%
97.3%
2.1%
of 2019.
The number of properties sold in the
MICROMARKET REPORT | South Metro livsothebysrealty.com
JANUARY - MARCH 2020 • COLORADOMICROREPORTS.COM
ROXBOROUGH PARK January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$656,800
$662,757
0.9%
$282
$301
6.7%
40
68
70.0%
$1,032,500
$810,000
-21.5%
11
7
-36.4%
96.5%
96.9%
0.4%
11153 Beatrice Court, Littleton
SPIRIT RIDGE January through March
2019
2020
% Change
Average Price
-
$1,145,000
-
Average Price per Square Foot
-
$296
-
Average Days on Market
-
13
-
Highest Price
-
$1,200,000
-
No Sales
2
-
-
93.3%
-
Properties Sold % Sold Price to List Price
27.5%
The average days on market for the
neighborhood of Sterling Ranch decreased by 27.5% January through March 2020 compared to that of 2019.
STERLING RANCH January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$616,636
$611,800
-0.8%
$246
$238
-3.1%
120
87
-27.5%
$860,000
$940,000
9.3%
19
22
15.8%
94.2%
96.3%
2.2%
coloradomicroreports.com
THE VILLAGE AT CASTLE PINES January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$1,326,313
$1,113,139
-16.1%
$403
$387
-3.9%
119
98
-17.6%
$2,540,000
$3,266,716
28.6%
25
29
16.0%
97.1%
93.7%
-3.5%
16.0% The number of properties sold in the The
Village at Castle Pines increased by 16.0% January through March 2020 compared to that of 2019.
WESTRIDGE January through March Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2019
2020
% Change
$449,900
$474,893
5.6%
$264
$274
4.0%
25
14
-44.0%
$590,000
$645,000
9.3%
28
28
0.0%
98.5%
100.4%
2.0%
1042 Southbury Place, Highlands Ranch
MICROMARKET REPORT | South Metro livsothebysrealty.com
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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. Based on Information from the Pikes Peak REALTOR services Corp. (“RSC�) for the period January 1, 2019 through December 31, 2019. RSC does not guarantee or is in any way responsible for its accuracy. Data painted by RSC may not reflect all real estate activity in the market.