Q2 2021
Micro Market Report SOUTH METRO
5787 Amber Ridge Drive
1104 Northwood Lane
South Metro MARKET UPDATE
As many consumers search for homes with more space and privacy, Denver’s South Metro communities have experienced increased interest from homebuyers. This collection of cities and neighborhoods, which include The Village at Castle Pines, Castle Rock, Highlands Ranch, Lone Tree and more, offer an exciting array of entertainment options, restaurants, businesses, open spaces, and community amenities that have attracted consumers to the area in growing quantities over the last year. Although the market has seen a slight slowdown in showing activity, likely due to the summer vacation season, this shift may actually work in buyers’ favor. Looking at the number of showings for the month of June, it appears that overall showings declined by -0.1%, according to data from the Denver Metro Market Review for the month of June, a monthly report compiled by Megan Aller of First American Title. With fewer buyers in town competing for the same homes, consumers have slightly more breathing room to tour listings and make decisions about their next real estate investment. This environment opens up more opportunities for both buyers are sellers to reach their real estate, lifestyle, and financial goals. LIV Sotheby’s International Realty produces a South Metro Micro Market Report analyzing the real estate performance during Q2 of 2021 compared to that of 2020. Overall, Douglas County, which encompasses the South Metro area, experienced a 13.2% increase in the total number of sold listings through June of this year compared to the same time frame last year. For all property types, average home prices rose by 25.3%, from $564,060 last year, to $706,846 so far this year. While showing activity may have slowed since the start of the summer, the pace of the market overall has accelerated in 2021. Compared to January through June of 2020, the average number of days a listing spends on the market in South Metro decreased by 61.1%, leaving listings on the market for an average of just 14 days. Together these positive increases led to an impressive 41.9% rise in the total dollar volume sold in the area, which reached $2,95,858,562. Thanks to the community’s desirable lifestyle and stunning selection of homes, many consumers are prioritizing South Metro in their search for Colorado real estate. One of the most notable increases the number of properties sold was seen in Heritage Estates. In a comparison to January through June of 2020 to that of 2021, there were 600% more listings sold in this year when
seven homes sold compared to the same period of 2020 when there was just one home sold. An uptick in home sales was also observed in Crystal Valley, where the number of property sales increased from 64 listings sold through Q2 in 2020 to 138 listings sold through Q2 of this year. The area’s popularity has created an upward trend in home values within several neighborhoods through June of this year compared to the same time frame in 2020. For example, Castle Pines saw a 42.1 % increase in average home prices, which brought the average price to $950,407. Highlands Ranch also experienced this trend in appreciating home prices. Listings in this area sold for an average price of $743,013 through Q2 of 2021 – a 25.9% increase from the same period in 2020. The increased consumer demand for South Metro homes has decreased the average amount of time that local homes spend on the market. Listings in Castle Rock experienced a notable decrease in the average days on market through June of this year, decreasing by 60% from an average of 40 days on market to just 16 days on the market. The Backcountry neighborhood saw the pace of the market pick up even more. In this area, the average days listings spend on the market fell from 58 days during the first half of the year in 2020 to just seven days so far this year. South Metro, and the various neighborhoods within it, provides the opportunity to enjoy the Colorado living experience with the convenience of close proximity to both nature and the city. With home values on the rise and showing activity currently experiencing a slight lull, now is the time for buyers and sellers to take advantage of the market conditions and create a life they truly love in this community.
DOUGLAS COUNTY January through June
2020
2021
% Change
New Listings
5,217
5,089
-2.5%
Sold Listings (all properties)
3,698
4,186
13.2%
Average Price (all Properties)
$564,060
$706,846
25.3%
Average Price (single family)
$602,065
$760,263
26.3%
36
14
-61.1%
99.2%
103.3%
4.1%
$2,085,892,897
$2,958,858,562
41.9%
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
9. Firelight
16. Keene Ranch
24. Spirit Ridge
2. Bell Mountain Ranch
10. Forest Park
17. Larkspur
25. Sterling Ranch
3. Castle Pines
11. Highlands Ranch
18. Lone Tree
26. The Village at Castle Pines
19. The Meadows
Golf Club
4. Castle Rock 5. Chaparral/Chenango
12. Heritage Estates
20. Pradera & Timbers
6. Crystal Valley
13. Heritage Hills
21. Ravenna
7. Eastridge
14. Highlands Ranch
22. Ridgegate
8. Falcon Hills
15. Inspiration
23. Roxborough Park
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 - JUNE 2021 • COLORADOMICROREPORTS.COM
BACKCOUNTRY BELL MOUNTAIN RANCH CASTLE PINES
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
74.7%
January through June Average Price Average Price per Square Foot Average Days on Market
The average days on market in Bell
Highest Price
Mountain Ranch decreased by 74.7%
Properties Sold
January through June 2021 compared to that of 2020.
% Sold Price to List Price
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$1,070,548
$1,400,364
30.8%
$360
$418
16.2%
58
7
-87.9%
$2,986,405
$2,735,000
-8.4%
42
67
59.5%
96.8%
100.1%
3.3%
2020
2021
% Change
$943,929
$1,254,300
32.9%
$361
$436
20.7%
83
21
-74.7%
$1,100,000
$1,850,000
68.2%
6
10
66.7%
97.3%
99.3%
2.1%
2020
2021
% Change
$668,668
$950,407
42.1%
$247
$322
30.5%
37
22
-40.5%
$1,476,000
$3,000,000
103.3%
51
59
15.7%
97.1%
104.5%
7.6%
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 Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
$542,323
$676,072
24.7%
$241
$292
21.3%
40
16
-60.0%
$3,266,716
$4,075,000
24.7%
1,024
1,175
14.7%
98.3%
103.5%
5.3%
2020
2021
% Change
$956,678
$1,362,288
42.4%
$279
$312
11.6%
143
41
-71.3%
$1,135,000
$2,650,000
133.5%
9
16
77.8%
88.8%
98.6%
11.1%
2020
2021
% Change
$493,328
$566,167
14.8%
$209
$248
18.8%
42
12
-71.4%
$857,500
$1,410,000
64.4%
64
138
115.6%
98.4%
103.0%
4.7%
77.8% The number of properties sold in Chaparral/Chenango increased by 77.8% January through June 2021 compared to that of 2020.
CRYSTAL VALLEY
January through June
2021
CHAPARRAL/CHENANGO
January through June
2020
CASTLE ROCK
January through June
The average price in Eastridge increased by 27.4% January through June 2021 compared to that of 2020.
FIRELIGHT
Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
January through June
FALCON HILLS
EASTRIDGE
27.4%
January through June
Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
76.0%
January through June Average Price Average Price per Square Foot Average Days on Market
The average days on market in Firelight
Highest Price
decreased by 76.0% January through
Properties Sold
June 2021 compared to that of 2020.
% Sold Price to List Price
2020
2021
% Change
$512,202
$652,396
27.4%
$262
$312
18.7%
10
5
-50.0%
$805,000
$1,170,000
45.3%
49
59
20.4%
100.3%
107.2%
6.9%
2020
2021
% Change
$1,341,667
$1,285,000
-4.2%
$326
$321
-1.6%
33
35
6.1%
$1,605,000
$1,650,000
2.8%
6
3
-50.0%
96.6%
102.4%
5.9%
2020
2021
% Change
$592,875
$685,933
15.7%
$253
$301
18.9%
25
6
-76.0%
$975,000
$1,100,000
12.8%
44
52
18.2%
98.4%
105.2%
6.9%
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 Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2021
% Change
$817,900
$993,000
21.4%
$279
$394
41.1%
61
6
-90.2%
$950,500
$1,025,000
7.8%
5
2
-60.0%
99.4%
104.4%
5.0%
2020
2021
% Change
$885,750
$977,500
10.4%
$265
$320
20.6%
38
5
-86.8%
$1,285,000
$1,600,000
24.5%
Highlands Ranch Golf Club increased
10
8
-20.0%
by 20.6% January through June 2021
98.5%
101.7%
3.3%
2020
2021
% Change
$1,700,000
$1,789,286
5.3%
$309
$442
43.2%
98
87
-11.2%
$1,700,000
$2,100,000
23.5%
1
7
600.0%
97.1%
99.3%
2.3%
20.6% The average price per square foot in
compared to that of 2020.
HERITAGE ESTATES
January through June
2020
HIGHLANDS RANCH GOLF CLUB
January through June
FOREST PARK
January through June
HERITAGE HILLS HIGHLANDS RANCH INSPIRATION
January through June
2020
2021
% Change
$1,202,337
$1,342,143
11.6%
$357
$382
7.1%
62
46
-25.8%
$1,989,428
$2,045,000
2.8%
15
28
86.7%
% Sold Price to List Price
97.8%
99.9%
2.2%
January through June
2020
2021
% Change
$590,006
$743,013
25.9%
$271
$327
20.4%
20
5
-75.0%
$2,986,405
$2,725,000
-8.8%
695
781
12.4%
99.0%
105.9%
6.9%
2020
2021
% Change
$589,147
$683,430
16.0%
$247
$280
13.3%
120
30
-75.0%
$726,600
$1,050,000
44.5%
44
43
-2.3%
97.9%
102.6%
4.8%
Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold
75.0%
Average Price Average Price per Square Foot Average Days on Market
The average days on market in
Highest Price
Highlands Ranch decreased by 75.0%
Properties Sold
January through June 2021 compared to that of 2020.
13.3%
% Sold Price to List Price
January through June Average Price Average Price per Square Foot Average Days on Market
The average price per square foot in
Highest Price
Inspiration increased by 13.3% January
Properties Sold
through June 2021 compared to that of 2020.
% 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
January through June
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
January through June
Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
$1,070,000
$1,496,364
39.8%
$328
$464
41.6%
58
13
-77.6%
$1,220,000
$2,250,000
84.4%
3
11
266.7%
86.6%
99.1%
14.5%
2020
2021
% Change
$785,833
$906,190
15.3%
$289
$354
22.4%
56
14
-75.0%
$4,115,000
$4,350,000
5.7%
45
42
-6.7%
97.6%
104.9%
7.5%
2020
2021
% Change
$902,586
$1,150,498
27.5%
$291
$351
20.5%
48
27
-43.8%
$1,989,428
$2,100,000
5.6%
61
103
68.9%
97.0%
102.7%
5.9%
84.4% The highest price in Keene Ranch increased by 84.4% January through June 2021 compared to that of 2020.
Lone Tree is a south Denver suburb, tucked just off I-25 in between Littleton and Parker. Conveniently located along the Light Rail at Lincoln Station (the last stop south), this front range town lies within Douglas County.
LONE TREE
Average Price
2021
LARKSPUR
Average Price
2020
KEENE RANCH
January through June
THE MEADOWS PRADERA & TIMBERS
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
59.7%
January through June Average Price Average Price per Square Foot Average Days on Market
The average days on market in Pradera
Highest Price
& Timbers decreased by 59.7% January
Properties Sold
through June 2021 compared to that of 2020.
% Sold Price to List Price
RAVENNA
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
2020
2021
% Change
$496,041
$587,447
18.4%
$227
$272
19.5%
30
7
-76.7%
$810,000
$1,106,000
36.5%
225
236
4.9%
99.0%
104.5%
5.6%
2020
2021
% Change
$917,299
$1,163,793
26.9%
$264
$330
25.1%
67
27
-59.7%
$1,787,530
$2,275,000
27.3%
55
65
18.2%
96.9%
101.8%
5.1%
2020
2021
% Change
$1,976,247
$2,523,818
27.7%
$703
$719
2.3%
142
135
-4.9%
$3,047,125
$4,100,000
34.6%
11
11
-
101.4%
95.7%
-5.6%
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 Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
% Change
$648,316
$780,438
20.4%
$287
$310
7.9%
56
11
-80.4%
$1,307,579
$1,525,000
16.6%
19
16
-15.8%
95.9%
101.9%
6.3%
2020
2021
% Change
$719,181
$929,052
29.2%
$328
$358
9.1%
55
45
-18.2%
$2,400,000
$1,581,000
-34.1%
The number of properties sold in
21
26
23.8%
Roxborough Park increased by 23.8%
99.2%
100.1%
0.9%
2020
2021
% Change
$1,326,669
$1,475,000
11.2%
$310
$338
9.1%
115
214
86.1%
$1,875,844
$1,900,000
1.3%
5
5
-
93.6%
91.7%
-2.1%
23.8% January through June 2021 compared to that of 2020.
9.1% The average price per square foot in Spirit Ridge increased by 9.1% January through June 2021 compared to that of 2020.
SPIRIT RIDGE
January through June
2021
ROXBOROUGH PARK
January through June
2020
RIDGEGATE
January through June
WESTRIDGE
Average Price Average Price per Square Foot Average Days on Market
The average days on market in Sterling
Highest Price
Ranch decreased by 79.3% January
Properties Sold
through June 2021 compared to that of 2020.
THE VILLAGE AT CASTLE PINES
STERLING RANCH
79.3%
January through June
% Sold Price to List Price
January through June Average Price Average Price per Square Foot Average Days on Market Highest Price Properties Sold % Sold Price to List Price
18.3%
January through June Average Price Average Price per Square Foot Average Days on Market
The number of properties sold in the
Highest Price
neighborhood of Westridge increased by
Properties Sold
18.3% January through June 2021 compared to that of 2020.
% Sold Price to List Price
2020
2021
% Change
$633,164
$742,301
17.2%
$242
$277
14.5%
92
19
-79.3%
$1,015,000
$1,225,000
20.7%
47
41
-12.8%
96.8%
102.0%
5.4%
2020
2021
% Change
$1,202,606
$1,641,895
36.5%
$383
$470
22.6%
96
44
-54.2%
$3,266,716
$4,075,000
24.7%
55
65
18.2%
94.0%
100.1%
6.5%
2020
2021
% Change
$478,805
$606,780
26.7%
$280
$330
18.0%
10
5
-50.0%
$780,000
$910,000
16.7%
71
84
18.3%
100.5%
107.2%
6.6%
MICROMARKET REPORT | South Metro JANUARY - JUNE 2021 • COLORADOMICROREPORTS.COM