Castle Pines Real Estate Market Data

(updated the 10th of the following month)

Castle Pines, CO Real Estate Market Update - April 2024

(Scroll to the bottom for the annual statistics for both neighborhoods)

Castle Pines, CO Original Communities (neighborhoods built before 2015)

The average sales price in the Castle Pines, CO Original Communities continues to stay strong, with April average sales price for single family homes at $1,177,455, which was up just slightly from the March average sales price of $1,170,385.  This average sales price was based on 11 closed sales in April.  Because there are relatively few home sales each month in Castle Pines, CO, and a wide range of home prices, the monthly averages can vary substantially.  Therefore, looking at 3 month and 12 month rolling averages along with the average sales price per total square foot provides additional insight into home prices in Castle Pines. 

The $236 per total square foot average sales price in April was down 2.1% from the $241 recorded in March but up 7.8% from the $219 recorded in April 2023.  The rolling 12 month average of $227 is 1.6% below the $231 rolling 12 month average 1 year ago.  In general, home prices in the Castle Pines Original Communities are staying relatively flat to increasing 1% to 2%. 

It took 37 days on average to sell a home in April, which is 129% higher than the 7 year April average of 16 days to sell.  Buyers continue to be cautious when purchasing a home.  Buyers are willing to pay top dollar for a home that is in great condition and priced well, but Buyers are not willing to overpay for homes.  If a Buyer feels a home is overpriced, they will stand on the sidelines and wait for the seller to drop their price or will wait for a better priced home to come on the market. 

There were only 17 single family homes for sale at the end of April, which is 31% below the 7 year April average of 25 homes for sale at the end of the month.  Inventory continues to remain below historical levels in Castle Pines, which is in contrast to metro Denver.  Metro Denver inventory at the end of April was 21% above the 7 year April average.  The metro Denver inventory is climbing more than Castle Pines because more home owners in metro Denver are deciding to sell their homes compared to Castle Pines.  14 homes were listed for sale in April in Castle Pines, which is 40% below the 7 year April average of 23 homes coming on the market.  The metro Denver new listing average in April was only down 2% compared to the 7 year April average. 

Sales continue to remain slow in Castle Pines due to high mortgage rates, but inventory is not increasing substantially because of the lack of new listings coming on the market.  There were only 11 closed sales in April, which is 29% below the 7 year average of 16 homes closing.  Based on the April sales pace, there is only 1.5 months of inventory available.  This low inventory level compared to buyer demand will continue to support home prices in Castle Pines in the next 3 to 6 months. 

Castle Pines, CO New Communities (neighborhoods built 2015 or later)

Inventory continues to build in the Castle Pines, CO New Communities.  There were 23 homes for sale at the end of April, which was a 35% increase from the 17 homes for sale at the end of March and a 4% increase from the 22 homes for sale at the end of April 2023.  Of these 23 homes for sale, 5 were new construction.  It is important to remember builders do not report all home sale activity and listings in the MLS system, which is where data is drawn for this report.  Therefore, the numbers shown here actually under report activity in the New Communities.  The 23 homes for sale at the end of April were 21% higher than the 4 year end of April average of 19 homes for sale.   (A 4 year average is used in the New Communities instead of a 7 year average because only a few homes had been build in the New Communities prior to 2019.)

There were 8 closed sales in the Castle Pines New Communities in April, of which 3 were new construction homes.  The 8 closed sales were 25% below the 4 year April average of 11 closed sales. 

Homes are taking longer to sell in the New Communities.  It took 59 days on average for a home to sell in April compared to 53 days in March.  The 4 year April average is only 40 days to sell.  The average time on market is substantially higher compared to the Original Communities because of the new construction.  Existing homeowners in the New Communities are competing against the home builders when they list their home for sale.  All things being equal, Buyers generally prefer to buy new construction compared to a resale home.  Therefore, if home builders have good inventory to sell, existing home owners will typically have their home on market longer. 

Home builders also drive pricing in the New Communities.  Existing homeowners have to appropriately price their home compared to what a builder is charging for the same home.  Builders are holding prices relatively steady in the New Communities, so overall pricing is staying relatively steady.  The monthly sales prices are all over the board depending on the product mix of homes that sell (bigger, more custom homes compared to smaller, generic homes).   Inventory is at almost 3 months in the New Communities based upon the April sales pace.  Once inventory reaches 4 months to 5 months, prices might start to slip in the New Communities.  But for now, home prices are expected to stay flat for the next 3 to 6 months. 

Castle Pines Original Communities (neighborhoods built before 2015)

ANNUAL STATISTICS

Castle Pines New Communities (neighborhoods built after 2015)

ANNUAL STATISTICS