fter the unprecedented challenges of 2020, it is safe to say that there are some things that will never be the same again. Real estate just might be one of those things.

As a result of the pandemic, many people have shuffled their priorities and moved homeownership to the top of their lists. With a significant portion of professionals still operating from home, we are no longer confined to the cities and towns in which we work.

Where we live can now be decided by our passions and by our dreams, not by where our offices are located. This new opportunity begs the question: If you could live anywhere, where would you want to wake up each morning and go to bed each night?

With this question in mind, it is no surprise that Colorado has become one of the hottest real estate markets in the country. Thanks to the unique combination of city conveniences, access to open spaces, and close proximity to the mountains, buyers are flocking to Colorado — and sellers are taking advantage of the low inventory market conditions to secure over-asking-price sales.

As a result of these trends, LIV Sotheby’s International Realty (LIV SIR) has seen a surge in the number of sold listings in some of its most popular regions, including Denver Metro, Colorado Springs, Boulder, and other communities along the Front Range.

Denver Metro

The Denver Metro area, a place where green space and an active lifestyle are prioritized as much as its urban amenities, has seen a tremendous rise in buying and selling activity over the last year. In a year-to-date comparison of 2020 to 2019, sold properties increased by 13.5%, reaching more than 61,100 homes sold. Buyers looking for their first house, their forever home, or their next real estate investment in the Mile High City were certainly not alone. In addition to the rise in activity, there was a dip in the number of new listings coming onto the market, causing increased competition with this lack of inventory. This trend is continuing into 2021.

“This tidal wave of real estate activity in the Denver Metro area has created trends that affect the appreciation of home prices, the speed of the sales process for sellers, and the levels of inventory,” said Shannel Ryan, LIV SIR President, Denver Metro. “The influx of activity has created a highly competitive marketplace for both buyers and sellers that also provides a great deal of opportunity for those who want to participate.”

Boulder

Just a short 40-minute drive outside of Denver, the city of Boulder and its surrounding communities cater toward those with an affinity for all things outdoors. The area’s famous Flatirons rock formations quite literally make it stand out on the map as one of Colorado’s most beautiful and lively places to live. During 2020, there was a 4.7% increase in number of homes sold compared to 2019. Similar to Denver Metro, the city of Boulder is also seeing a lack of inventory as we head into the spring and summer seasons, causing a rise in demand which increases average prices. Last year, the average price of a single family home in Boulder rose by 6.5%.

“Boulder continues to be a very fast-moving sellers’ market with properties going under contract quickly, oftentimes with multiple offers,” commented Christina Davies, Vice President and Managing Broker of LIV SIR’s Boulder office. “Prices continue to rise due to the competitive nature of the current market, where home sales are closing for over the asking price. Our market is buoyant and unmatched due to unparalleled economic growth, fantastic surrounding mountains, and many outdoor activities.”