DENVER, CO - The number of luxury homes sold (sales over one million) in the metro Denver market in February increased dramatically from both the prior month and February 2014, according to a report released Monday, March 16th by LIV Sotheby’s International Realty. Colorado’s strong local economy combined with homeowner equity and property values continuing to climb, indicate that the luxury market is off to a strong 2015. In metro Denver 49 homes with a price tag of more than $1 million sold in February, up 40 percent from January, and 81 percent year-over-year, according to the monthly analysis based on information from REColorado.
“Luxury homes throughout the entire metro area are experiencing an advanced market with a 3.5 to 4 month supply of homes,” said LIV Sotheby’s International realty managing broker, Steve Blank. “Luxury homes are selling in a very reasonable time frame, however buyers still want to make an informed decision as to the investment quality of the property.”
The average selling price stood at $1.57 million, up 15% from January, and up four percent year-over-year.
7 Vista Road, Cherry Hills Village. Listed with LIV Sotheby’s International Realty for $5.5M
In Denver metro, the average days on the market increased slightly from 119 days to 154 days. A 29% increase, down from the 154-day average set in February and the 112-day average from January 2014.
Boulder County experienced a significant portion of luxury sales; 14 homes with a price tag of more than $1 million sold in February, up 27 percent from January and 17 percent year-over-year (statistics pulled from IRES LLC).
“At the rate we’re going, we’ll see over 300 sales of residential properties over $1 million in Boulder County in 2015,” said Boulder managing broker, David Carner, of LIV SIR. “That would be an all-time high, and a 12% increase over 2014. We’re expecting increasing demand in the high-end segment of the market due to a booming tech sector (Google and Twitter are among the employers expanding in our area).”
The average selling price in Boulder stood at $1.52 million, up 6% from January, and up 9 percent year-over-year, a steady increase. The most expensive home sold for $2.78 million, according to the report, which was a two-bedroom, three-bathroom townhome with 2,792 square feet.
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 downtown managing broker, Steve Blank, of LIV Sotheby’s International Realty at 303-520-5558. 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 Regent for the Who’s Who in Luxury Real Estate, has 10 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.