Kentwood Real Estate has released the company’s comprehensive real estate statistics for July 2015 for condominiums in downtown Denver, single-family homes, luxury residences, and market data for Greenwood Village, Cherry Hills Village, and the Cherry Creek neighborhood. In the latest report, Kentwood enjoys a 32 percent market share in Cherry Hills Village and Greenwood Village. The market recap also shows an increase in the number of million dollar-plus residences and condos to 803 compared to last month’s 776 luxury listings. Following are details for July.
Downtown Denver Condominium Sales Price Jumps 27 Percent
Kentwood Real Estate’s latest real estate market data, which is gathered from the most reliable sources in metro Denver, shows that the downtown Denver condominium sales price increased 27 percent over the same period last year to $583,424. The number of closed sales increased 6.7 percent to 48.
Closed sales volume was $28,004,375 for July, an increase of 35.5 percent over July 2014. The highest sold price in July was $3,375,000. The statistics show a total of 49 downtown Denver condominiums under contract in July and a total of 101 condos currently active.
Average days on the market decreased 22 percent in July to 39 days compared to July 2014. For those seeking a carefree lifestyle downtown, Kentwood City Properties is conveniently located across from Union Station and visitors are welcome. You can enjoy open houses nearly every week and also enjoy virtual tours on the company’s leading website.
Closed sales volume year over year was $142,351,204 representing a total of 268 closed sales. Average sales price year over year increased 6.9 percent from 2014. Average days on the market year over year was 47 in 2015 compared to 66 last year.
Market Recap for The Villages Shows Closed Sales Down 21.4 Percent
Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for July shows closed sales dropping 21.4 percent from July 2014, with the average sold price at $2,068,489. The highest sold price in July was $11,000,000, while the average number of days on the market increased 7.2 percent to 89.
“Although closed sales, closed sales volume and average sales price are all down year over year for Cherry Hills Village, the average sales price per square foot is up 5.8 percent,” said Charles Gargotto, a leading Broker Associate with Kentwood Real Estate DTC. “This confirms that good properties that are priced right continue to sell and are appreciating in value this year.”
Jennifer Markus, a resident of Greenwood Village and accomplished real estate professional with Kentwood Real Estate DTC, sees a slight softening in an otherwise frenetic market. “Working primarily the ‘Villages’ market, I see homes staying active a bit longer than last year,” she said. “Bidding wars and multiple offer situations have slowed since the start of our strong selling season. Buyers are still plentiful, but are taking more time to find their perfect ‘Dream’ home.”
Currently there are 130 residential listings and 40 land listings in Cherry Hills Village and Greenwood Village. Kentwood Real Estate enjoys a 32 percent market share with 55 active listings. Average price per square foot in The Villages increased 33.2 percent to $485 from the previous year. There is a total of 31 listings under contract and three land listings under contract.
Average days on the market increased 7.2 percent to 89 from July last year, and there were a total of 22 closed residential sales in July 2015. Closed sales volume year over year was $201,165,861, and the average sales price was $1,622,305.
Average Sales Price for Cherry Creek Neighborhood Increases 51.1 Percent in July
The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 51.1 percent to $1,133,642 compared to June 2014, according to data gathered by Kentwood Real Estate. The number of days on the market in July increased 485.7 percent to 123, with closed sales volume totaling $13,603,699 for a 51.1 increase over July 2014.
Closed residential sales dropped slightly to 12, with the highest sold price year to date at $3,330,000. The average sales price last year was $1,031,641 for a 10 percent increase.
Condominium sales for Cherry Creek decreased 11.1 percent over July 2014, with an average sales price of $369,400. The highest sold price was $3,330,000. Closed condominium sales volume year to date was $87,830,195 in July. Average days on the market for July was 16 or a decrease of 73.8 percent from last year.
There are currently 60 residential and condominium listings in Cherry Creek. Kentwood Real Estate has a 26 percent share with 16 active listings.
Luxury Market Recap from Kentwood Real Estate Shows a Total of 803 Million Dollar Listings in Metro Denver
Kentwood Real Estate’s July 2015 Luxury Market Recap for residential and condominium properties shows a total of 803 million dollar listings in metro Denver, with Kentwood Real Estate enjoying an 18 percent market share with 145 active million dollar listings.
“After an increase in closed sales volume for July, the high-end luxury market is showing little if any signs of cooling off, even as local temperatures climb to the 90’s,” said Jon Gordon, a top producing Broker Associate with Kentwood Real Estate DTC. “It’s not surprising to see the average sold price decline only slightly, as the inventory of luxury properties increases. This makes for an active market and great scenario for buyers. This increase in sales volume and market activity is a little unusual in July given that buyers are often vacationing and focused on enjoying the summer. I’ve seen this only a few times in my 25-plus years at Kentwood working in the luxury home market.”
“The luxury condominium market is certainly hot, with seller’s recognizing that properties in pristine condition with beautiful finishes and move-in ready are what’s really in demand,” Gordon continued. “That said, pricing properties correctly is still essential.”
Closed sales for single-family luxury homes increased 14.1 percent in July 2015 compared to July last year. Average days on the market increased 18.4 percent to 90, while the average sold priced decreased 2.3 percent to $1,524,919. The highest sold price was $11,000,000, with total sales volume increasing 11.5 percent to $147,917,123. There are a total of 766 active residential listings and a total of 163 million dollar properties under contract.
Luxury condominium sales in July averaged 105 days on the market, which was a 110 percent increase over July 2015. The highest sold price was $3,375,000, while the average sales price increased 47.5 percent to $1,715,250. Total sales volume for luxury condos was $13,722,000. There are 37 active listings and 10 condos currently under contract.
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.