West Metro | Year End 2022

Micro Market Report

WEST METRO

11795 Ranch Elsie Road

MARKET UPDATE West Metro

For those that love the energy that Denver embodies but want to be just one step closer to the mountains, West Metro is the place to be. This community within Jefferson County is a suburban haven with all of the entertainment, shopping, and recreation options of a big city. Offering more space and affordability than Denver Metro, this collection of neighborhoods is attractive to consumers of all ages and lifestyles and has remained a popular destination for those looking to create the life they love along the Front Range.

2022 is now over and what a year it was. In the last half of 2022, the real estate market showed strong signs of normalizing after the 2021 COVID-driven boom. The first half of the year saw incredibly high buyer demand, and it similar to the 2021 market. The market started to shift when mortgage interest rates started to rise. This was intended to tamp

down buyer demand, but because of limited inventory in Jefferson County—which saw a 9.7% decrease in new listings in 2022 as compared to 2021—they still managed to have historically high appreciation averaging 12.0% for the average price of detached homes.

We recognize each neighborhood is unique and no two regions respond to market shifts the same way. To aid in presenting an accurate picture of each of the areas that make up West Metro, LIV Sotheby’s International Realty is proud to present our year-end Micro Market Report, representing the metrics of many key and beloved neighborhoods.

With unbeatable access to both the city and Colorado’s scenic natural spaces, West Metro will continue to provide homebuyers and sellers with unique opportunities to reach their real estate and lifestyle goals.

Average Sales Price (All Properties)

Jefferson County

ALKIRE ESTATES APPLEWOOD ARVADA

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 it’s location nearby Standley Lake and Standley Lake State Park.

January through December

Average Price

13.2%

The average price per square foot in Arvada increased by 13.2% in 2022 compared to that of 2021.

2021 2022 % Change

$1,284,500 $1,342,000 4.5%

Average Price Per Square Foot $346 $464 33.9%

Average Days on Market 36 41 13.9%

Highest Price $1,385,000 $1,515,000 9.4%

Properties Sold 4 5 25.0%

% Sold Price to List Price 97.9% 96.5% -1.4%

January through December 2021 2022 % Change

Average Price

$856,873 $912,558 6.5%

Average Price Per Square Foot $453 $510 12.8%

Average Days on Market 13 16 23.1%

Highest Price $2,700,000 $2,500,000 -7.4%

Properties Sold 144 122 -15.3%

% Sold Price to List Price 102.1% 101.6% -0.5%

January through December 2021 2022 % Change

Average Price

$580,254 $656,535 13.1%

Average Price Per Square Foot $362 $410 13.2%

Average Days on Market 11 17 54.5%

Highest Price $3,025,000 $2,680,000 -11.4%

Properties Sold 3,041 2,460 -19.1%

% Sold Price to List Price 102.6% 101.5% -1.1%

January

Average Price $787,054 $930,968 18.3%

Average Price Per Square Foot $294 $354 20.4%

Average Days on Market 12 20 66.7%

Highest Price $1,350,000 $1,860,000 37.8%

Properties Sold 117 87 -25.6%

% Sold Price to List Price 101.8% 101.2% -0.6%

Average Price $1,322,000 $1,612,225 22.0%

Average Price Per Square Foot $487 $575 18.0%

Average Days on Market 9 3 -66.7%

Highest Price $1,655,000 $1,811,000 9.4%

Properties Sold 9 4 -55.6%

% Sold Price to List Price 114.7% 113.6% -1.0%

22.0%

The average home sale price in Canyon Point increased by 22.0% in 2022 compared to that of 2021.

Average Price

$1,056,500 $1,147,333 8.6%

Average Price Per Square Foot $451 $550 21.8%

Average Days on Market 4 15 275.0%

Highest Price $1,540,000 $1,750,000 13.6%

Properties Sold 10 9 -10.0%

% Sold Price to List Price 111.3% 97.0% -12.8%

A newer community, Eagle Ridge is comprised of three different neighborhoods with larger homes that come in two-story, tri-level, and ranch style. Nearby, there are beautiful parks and trails, and a bike path that leads right to Golden.

Fieldstone is a suburban neighborhood in the town of Arvada with close access to the shops of Olde Town Arvada.

January through December 2021 2022 % Change

Average Price

$929,429 $1,214,675 30.7%

Average Price Per Square Foot $363 $427 17.6%

Average Days on Market 9 12 33.3%

Highest Price $1,087,500 $1,500,000 37.9%

Properties Sold 7 8 14.3%

% Sold Price to List Price 103.9% 104.2% 0.3%

VILLAGE OF FIVE PARKS

52.9%

The number of homes sold in Village of Five Parks increased by 52.9% in 2022 compared to that of 2021.

January through December 2021 2022 % Change

Average Price

$755,457 $854,356 13.1%

Average Price Per Square Foot $300 $352 17.5%

Average Days on Market 9 11 22.2%

Highest Price $871,000 $1,101,000 26.4%

Properties Sold 17 26 52.9%

% Sold Price to List Price 103.1% 101.4% -1.6%

January through December 2021 2022 % Change

Average Price

$792,017 $888,716 12.2%

Average Price Per Square Foot $521 $582 11.8%

Average Days on Market 11 11 -

Highest Price

$2,220,000 $2,850,000 28.4%

Properties Sold 222 190 -14.4%

% Sold Price to List Price 104.4% 102.1% -2.2%

January

Average

61.2%

MOUNTAIN VILLAGE

Located north of downtown Golden and backing up to North Table Mountain, Mesa Meadows is a popular neighborhood filled with a variety of different homes like two-story, ranch style, and large custom homes.

LEYDEN ROCK

MESA

MESA VIEW ESTATES

NORTH TABLE MOUNTAIN VILLAGE

8.9%

The average price per square foot in North Table Mountain Village increased by 8.9% in 2022 compared to that of 2021.

January through December 2021 2022 % Change

Average Price

$1,113,650 $1,143,117 -

Average Price Per Square Foot $365 $376 3.1%

Average Days on Market 12 21 75.0%

Highest Price $1,700,000 $1,785,000 5.0%

Properties Sold 23 23 0.0%

% Sold Price to List Price 102.0% 97.2% -4.7%

January through December 2021 2022 % Change

Average Price $811,969 $826,667 1.8%

Average Price Per Square Foot $370 $403 8.9%

Average Days on Market 19 18 -5.3%

Highest Price $1,061,000 $880,000 -17.1%

Properties Sold 8 3 -62.5%

% Sold Price to List Price 107.4% 104.1% -3.1%

OAK PARK

Oak Park is a suburban neighborhood located in Arvada and contains both single-family homes and apartments. Inside the neighborhood lies the Oak Park with playgrounds, fields, paved trails, sport courts, and a baseball diamond.

January through December 2021 2022 % Change

Average Price

$698,136 $664,648 -4.8%

Average Price Per Square Foot $322 $322 -0.1%

Average Days on Market 8 10 25.0%

Highest Price $755,000 $805,000 6.6%

Properties Sold 4 4 -

% Sold Price to List Price 102.4% 105.5% 3.0%

January

Average Price

$1,003,583 $1,227,500 22.3%

Average Price Per Square Foot $327 $457 40.1%

Average Days on Market 9 2 -77.8%

Highest Price $1,350,000 $1,260,000 -6.7% Properties Sold 6 4 -33.3%

% Sold Price to List Price 100.5% 108.2% 7.6%

Average

Average

12.4%

Highest Price $892,500 $1,008,129 13.0% Properties Sold 10 11 10.0%

% Sold Price to List Price 106.6% 103.2% -3.1%

The average home sale price in Skyline Estates increased by 12.4% in 2022 compared to that of 2021.

January

Average Price $1,004,660 $1,133,274 12.8%

Average Price Per Square Foot $407 $496 21.7%

Average Days on Market 16 11 -31.3%

Highest Price $1,854,000 $1,985,000 7.1% Properties Sold 87 73 -16.1%

% Sold Price to List Price 101.4% 102.5% 1.1%

Solterra is located between Green Mountain and Bear Creek Lake Park, with impressive views to the west of Red Rocks, Mount Morrison, and the Foothills.

SPRING MESA

25.3%

The average price per square foot in Spring Mesa increased by 25.3% in 2022 compared to that of 2021.

January through December

Average Price

SUNRISE RIDGE

Sunrise Ridge offers residents perfect suburban living in Arvada. Located about two miles away from both The Bibber Creek Stables as well as the West Woods Golf Course, Sunrise Ridge is perfect for those who enjoy their daily outdoor activities.

ROCK

2021 2022 % Change

$1,234,818 $1,428,950 15.7%

Average Price Per Square Foot $387 $485 25.3%

Average Days on Market 11 16 45.5%

Highest Price $1,415,000 $1,915,000 35.3%

Properties Sold 11 8 -27.3%

% Sold Price to List Price 98.8% 101.0% 2.2%

January through December 2021 2022 % Change

Average Price $851,426 $996,000 17.0%

Average Price Per Square Foot $340 $368 8.3%

Average Days on Market 3 9 200.0%

Highest Price $1,096,000 $1,225,000 11.8% Properties Sold 6 5 -16.7%

% Sold Price to List Price 106.3% 97.5% -8.3%

January through December

Average Price

2021 2022 % Change

$1,259,000 $1,444,167 14.7%

Average Price Per Square Foot $380 $462 21.4%

Average Days on Market 1 8 700.0%

Highest Price $1,545,000 $1,710,000 10.7%

Properties Sold 9 6 -33.3%

% Sold Price to List Price 101.0% 97.8% -3.2%

January through December 2021 2022 % Change

Average Price

$1,094,000 $1,024,750 -6.3%

Average Price Per Square Foot $345 $315 -8.7%

Average Days on Market 7 11 57.1%

Highest Price $1,249,000 $1,140,000 -8.7%

Properties Sold 3 4 33.3%

% Sold Price to List Price 99.7% 97.4% -2.3%

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 December 2021 2022 % Change

Average Price

$740,000 $1,217,500 64.5%

Average Price Per Square Foot $317 $330 4.1%

Average Days on Market 6 53 783.3%

Highest Price $740,000 $1,225,000 65.5%

Properties Sold 1 2 100.0%

% Sold Price to List Price 107.3% 93.4% -12.9%

January

Average Price

$972,015 $1,024,200 5.4%

Average Price Per Square Foot $361 $413 14.4%

Average Days on Market 6 9 50.0%

Highest Price

$2,280,000 $2,000,000 -12.3%

Properties Sold 21 24 14.3%

% Sold Price to List Price 104.7% 101.1% -3.5%

Trail Village is a beautiful community in Arvada that runs along the Jefferson Country Open Space. Here you have close access to a variety of trails, parks, and the West Woods Golf Course.

MICRO MARKET REPORT | West Metro JANUARY - DECEMBER 2022 • COLORADOMICROREPORTS.COM