Average Price of Homes in Evergreen

You may have dreamed about living in the Colorado Rocky Mountains but have questions about what the average price of a home is in Evergreen Colorado.  This article is a great place to start as it will educate you on the current state of the market as well as the best time of year to buy and how competitive buying a home in the Evergreen market can be.  Let me start by saying that I am both a resident of Evergreen as well as a Realtor with Keller Williams that specializes in mountain properties, so I am an expert on this topic.

I will first start by saying that Evergreen is a unique market. While it is close to Denver, Evergreen represents a population of buyers who are financially capable of buying single family homes in the $400k+ range and most likely are not first time home owners. Mountain homes are not priced by the square foot like they are in most other markets. The reason for this is mountain homes have too many variables that influence the price.  Mountain homes may have varying size lots, flat lots, lots on the side of a mountain, mountain views, no mountain views, condition of the home, and location can all greatly influence the price.

Example of $400k Range Evergreen Home | Example of $500k Range Evergreen Home | Example of $600 Range Evergreen Home

Evergreen Colorado Median Home Sold Price = $635,000 (11/9/18)

Lets start with the median home sold price of homes in Evergreen Colorado. This chart below represents the most current market trends. As I write this article it is early November 2018 and the median home sold price is $635,000. That does not mean you can’t buy a home for less than $635,000, it just means that is that all the homes sold in the Evergreen market that is the median price.  Median price is better to use than average price because Median Price excludes homes that are on the extreme higher and lower end of the market, thus giving your a more realistic picture of what it costs to buy a home in a particular area.  For example, in this case the “average” cost of a home in Evergreen as of October is $755,000 vs “Median” cost of a home is $635,000.  As you can see from the graph below  homes in Evergreen have been steadily increasing in price. You will see a few dips in this chart due mostly to seasonality and the number of homes that are listed for sale. Don’t let the current median sold price scare you. There are homes available in evergreen below the 600’s.

Active Listings – Evergreen Colorado

Evergreen is unique in that is a seasonal market with most of the home inventory decreasing between November and February each year. Home inventory decreases every Winter and you can see that represented in the active listings graph below. Having said that while the inventory decreases in the Winter, this can be one of the best times to buy a home in Evergreen.  Reflect on the Median Sold Price graph above and you will see that cyclically, Winter is where prices dip.  Home owners in Evergreen know that they are less likely to sell their home in the Winter for top price than in the Spring or Summer months.  Most likely if you are selling in the Winter months then as a buyer you most likely have to rather than want to sell at this time in the market.

Median Days On Market

As of October 2018 the median days on market is 42 while 8-12 days during the Spring & Summer month. This demonstrates that historically the competition for homes in the Spring & Summer months is much greater. From my experience the top 3 homes in the $400k – $700k range would be under contract within a few days. Certainly as homes get more expensive
are fewer people who can afford them and thus they are on the market a little longer. While I can’t fully predict the future I believe homes in the $400-$700 range will still be in high demand. Interest rates have increased some in 2018 and I expect this to have a leveling off effect or minor increase on future home prices in Evergreen. Evergreen homes in the past 3 years have increased rapidly. I know my home has increased in value by over 61%. Each year during the Fall months I begin to see the number of days on market increasing and thus more homes decreasing in price to meet the market demands. This can be a great time to buy and take advantage of the market downswing each year.

Median Showings to Under contract:

The average showings until contract chart is in alignment with the number of days on market. The Spring & Summer months reflect higher market demand and thus there are fewer showings before a home goes under contract. May 2018 had a median of 10 showings before a home went under contract contrasted with October 2018 which had a median of 20 days on market. If you compare Evergreen with the entire Jefferson County MLS which includes Denver Metro you can see that the number of showings compared to Evergreen is roughly half. This means that Denver is still a more competitive market than Evergreen.

Example of a Home in Evergreen you Can Buy in the $400’s

Example of a Home in Evergreen you Can Buy in the $500’s

Example of a Home in Evergreen you Can Buy in the $600’s

Contact an Evergreen Colorado Real Estate Agent

Shad Philips – Certified Mountain Area Specialist 303-218-6926

 

To learn more about any Evergreen Colorado homes for sale or to receive email notifications when homes are listed for sale in Evergreen Colorado, call 303-218-6926 or contact an Evergreen Colorado REALTOR®.

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