Denver’s Luxury Housing Market Demonstrates Increase Year-Over-Year and Month-Over-Month in April
Posted by Brittanny Havard — May 16, 2016
DENVER, CO - The number of luxury homes sold (sales over $1M) in the Denver metro market increased year-over-year in April 2016, compared to April 2015, by 25%. The luxury sector also increased month-over-month, 23% when compared to March 2016, according to a report released Monday by LIV Sotheby’s International Realty.
In Denver metro 90 homes with a price tag of more than $1M sold in April, over 73 sold in March 2016, according to the monthly analysis based on information from REColorado. Year-over-year, 90 homes with a price tag of more than $1M sold in April 2016, over 72 sold in April 2015.Colorado’s improved local economy combined with climbing homeowner equity are the reasons behind the residential luxury market’s continued growth.
“The number of available listings in the luxury market has increased for the third straight month, and is now close to the peak of last summer,” said LIV Sotheby’s International Realty president, Scott Webber. “Despite the added supply of choices, however, the overall level of demand has still not been met, and the increase in closed sales is almost as high as that of new listings.”
In Denver metro, average selling price held at $1.53M in March. Average price per square foot increased to $409 in April, a 3% increase from $396 in March, 2016, and days on market dropped 7% year-over-year, from 125 days in April 2015, to 116 days in April 2016.
The most expensive residential sale in March in Denver metro was a 12,130 square foot residence located at 5701 East Stanford Drive, Cherry Hills Village, that sold for $3,950,000.
Boulder County also experienced an increase in luxury sales month-over-month and year-over-year with 35 sales in April 2016, over 24 homes sold in March 2016 (statistics pulled from IRES, LLC), a significant 46% increase. Year-over-year, 35 homes sold in April 2016, over 29 homes sold in April 2015. Days on market decreased slightly at 96 days in April 2016, over 101 days in March 2016, down 5%.
“Our inventory is finally creeping back up, but we’re still under 200 luxury listings active on the market, and sales are averaging about 30 per month,” said Boulder managing broker, David Carner, of LIV SIR. “The dearth of choices is still driving a frenzied pace in our market, with demand outpacing supply by a long shot. Total properties sold in the last twelve months was 357 in Boulder County, or nearly one every day of the year.”
The most expensive residential sale in April was a 6,531 square foot residence located at 1760 Sunset Boulevard, Boulder, that sold for $3,950,000.
Resort Update: In the resort communities of Eagle County, luxury numbers show signs of increase both month-over-month and year-over-year. 36 homes with a price tag of more than $1M sold in April, 2016, over 29 in March 2016 (statistics pulled from Vail Board of Realtors, MLS). Year-over-year, 36 homes sold in April 2016, over 19 in April 2015, an 89% increase. Days on market dropped 9% year-over-year, from 278 days in April 2015, to 253 days in April 2016.
In Summit County, luxury numbers show signs of increase both month-over-month and year-over-year. 17 homes with a price tag of more than $1M sold in April, 2016, over 13 in March 2016, a 31% increase. Year-over-year, 17 homes sold in April 2016, over 16 in April 2015, a 6% increase (statistics pulled from SAR, MLS). Days on market dropped -38% month-over-month, from 273 days in March 2016, to 170 days in April 2016.
LIV Sotheby's International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home.
To access current market reports, visit www.coloradomarketreports.com. For more information, contact LIV Sotheby’s International Realty public relations manager, Brittanny Havard, at 303.486.3738. To service all of your real estate needs visit www.livsothebysrealty.com.
About LIV Sotheby’s International Realty
LIV Sotheby’s International Realty, the exclusive Board of Regents member for the Who’s Who in Luxury Real Estate, has 12 office locations in the Denver Metro and surrounding areas, including Boulder, Castle Pines Village, Cherry Creek, Clayton Street, Denver Tech Center, Downtown Denver, Evergreen and the resort communities of Breckenridge and the Vail Valley. For more information, call 303.893.3200. To service all of your real estate needs visit www.livsothebysrealty.com.