DENVER, CO – Metro Denver’s luxury home market continues strong with million-dollar closed residential sales in May increasing nine percent over May 2014. Closed luxury condominium sales remained unchanged from last year. There were 97 closed million dollar sales in May, with year-over-year numbers climbing 19.4 percent to 314 sales compared to 263 in 2014. Kentwood Real Estate enjoyed a 17 percent market share with 130 million dollar active listings.
There is currently a total of 751 million dollar residential and condominium listings in the metro Denver area. The average residential sales price in May was $1,577,231, with the average luxury condo sales price decreasing 18.3 percent to $1,601,800 over May 2014. The highest priced residential sale in May was $4,650,000, while the highest priced condo was $2,500,000. Year-over-year closed sales volume for luxury condos increased 10.1 percent, with the average number of days on the market increasing 84.9 percent to 196 compared to 2014.
Heather Ehret-Faircloth, a top producing Broker Associate at Kentwood City Properties in downtown Denver, recently sold a gorgeous luxury home in LoHi for $3,225,000.
“Single family living with an urban lifestyle is pretty spectacular, and this home drew multiple offers,” said Ehret-Faircloth. “To find a 6,887 square foot single family home with a yard, unmatched views of downtown and the mountains, eight parking spaces, and a 1,400 square foot party deck, all within blocks of everything that LoHi and downtown have to offer, was a unique opportunity.”
While Kentwood Real Estate is widely known for its expertise in the marketing of luxury homes, the leading residential brokerage markets across every conceivable price range in the metro Denver area. Sales are robust throughout the area despite the current inventory shortage. Metro Denver average home prices in May climbed four percent from April to $374,890, which is a 12 percent increase from year-ago levels.
The average sold price for a single-family detached home hit $416,495, a record that was four percent above April’s average sold price. The average sold price for condos and townhomes rose to $262,675 in May, which was up 15 percent from a year earlier. About two-thirds of the 7,561 homes that hit the market in May were sold in May.
About Kentwood Real Estate
Kentwood Real Estate is dedicated to building on its legacy of being “Colorado’s Premier Real Estate Company” through the highest producing, most knowledgeable, caring and experienced brokers in the country who offer the highest quality customer service experience. Kentwood Real Estate is an innovator known for unparalleled marketing strategies and superior Internet technology that places its clients in the best possible position. The company’s brokers each averaged more than $12 million in sales volume annually, which is ranked number one nationwide by the National Association of Realtors and REAL Trends.
Kentwood Real Estate is comprised of Kentwood Real Estate DTC, Kentwood Real Estate Cherry Creek, and Kentwood City Properties in downtown Denver. For more information, visit Kentwood Real Estate online at www.DenverRealEstate.com.