Kentwood Real Estate’s Market Report Shows Luxury Single-Family Home Sales Increase Nearly 20 Percent in August
Posted by Douglas E. Lierle — September 11, 2015
GREENWOOD VILLAGE, CO - Kentwood Real Estate has released the company’s comprehensive real estate statistics for August 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. Kentwood’s latest report shows that luxury single-family home sales increased nearly 20 percent last month. Likewise, luxury condominium sales increased dramatically over August 2014. Kentwood Real Estate has an 18 percent market share of the luxury market with a total of 152 million dollar active listings. Following are details for August.
Downtown Denver Condominium Average Jumps 23.3 Percent
Kentwood Real Estate’s latest real estate market data, which is gathered from the most reliable sources in metro Denver, shows that the average downtown Denver condominium sales price jumped to $485,603, a 23.3 percent increase compared to the same period last year. The number of closed sales increased 10.3 percent to 32.
“With increases across the board in nearly every statistical category for August, downtown Denver shows no signs of slowing its already fast pace,” said Tari Wilde, a leading Broker Associate with Kentwood City Properties. “Especially interesting to note, the highest price sold increased from August 2014 to August 2015 by 36.9 percent, and the average days on the market diminished from 63 days in 2014 to 46 days in 2015. Much higher prices and much shorter sales cycles make downtown Denver a very competitive and coveted market.”
Closed sales volume was $15,539,299 for August, an increase of 36 percent over August 2014. The highest sold price in August was $1,437,500. The statistics show a total of 50 downtown Denver condominiums under contract in August and a total of 101 condos currently active.
Average days on the market decreased 27 percent in August to 46 days compared to August 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 website.
Closed sales volume year over year was $158,445,503 representing a total of 302 closed sales. Average sales price year over year increased 7.8 percent from 2014. Average days on the market year over year was 47 in 2015 compared to 63 last year.
Market Recap for The Villages Shows Closed Sales Down 14.3 Percent
Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for August shows closed sales dropping 14.3 percent from August 2014, with the average sold price at $2,068,489. The highest sold price in August was $4,150,000, while the average number of days on the market decreased 32.2 percent to 40.
Currently there are 133 residential listings and 41 land listings in Cherry Hills Village and Greenwood Village. Kentwood Real Estate enjoys a 30 percent market share with 52 active listings. Average price per square foot in The Villages increased 7.4 percent to $378 from the previous year. There is a total of 29 residential listings and two land listings under contract.
Average days on the market decreased 32.2 percent to 40 from August 2014, and there were a total of 18 closed residential sales in August 2015. Closed sales volume year over year was $231,798,361, and the average sales price was $1,599,028.
Average Sales Price for Cherry Creek Neighborhood Increases 12 Percent in August
The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 12 percent to $1,010,250 compared to August 2014, according to data gathered by Kentwood Real Estate. The number of days on the market in August decreased 28.9 percent to 32, with closed sales volume totaling $5,051,250 for a 53.3 percent increase over August 2014.
Closed residential sales dropped considerably to five, with the highest sold price year to date at $3,522,019. The average sales price last year was $1,039,183 for a 14.3 percent increase.
Condominium sales for Cherry Creek increased 11 percent over August 2014, with an average sales price of $644,154. The highest sold price was $2,420,000. Closed condominium sales volume year to date was $36,037,254 in August. Average days on the market for August was 108 or an increase of 45.9 percent from last year.
There are currently 79 residential and condominium listings in Cherry Creek. Kentwood Real Estate has a 24 percent market share with 19 active listings.
Luxury Market Recap from Kentwood Real Estate Shows a Total of 842 Million Dollar Listings in Metro Denver
Kentwood Real Estate’s August 2015 Luxury Market Recap for residential and condominium properties shows a total of 842 million dollar listings in metro Denver, with Kentwood Real Estate enjoying an 18 percent market share with 152 active million dollar listings.
Closed sales for single-family luxury homes increased 19.8 percent in August 2015 compared to August last year. Average days on the market decreased 22.1 percent to 88, while the average sold price decreased 1.9 percent to $1,457,630. The highest sold price was $4,150,000, with total sales volume increasing 17.5 percent to $141,390,101. There are a total of 797 active residential listings and a total of 130 million dollar properties under contract.
Luxury condominium sales in August averaged 204 days on the market, which was a 158.2 percent increase over August 2015. The highest sold price was $2,420,000, while the average sales price increased 13.2 percent to $1,397,775. Total sales volume for luxury condos was $8,386,650. There are 45 active listings and five 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.