Luxury Single-Family Home Sales Volume Increases 64.4 Percent to $125,601,745 in September over Same Period Last Year
Posted by Douglas E. Lierle — October 12, 2015
Kentwood Real Estate has released the company’s comprehensive real estate statistics for September 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 volume increased 64.4 percent last month to $125,601,745 from September last year. Likewise, luxury condominium sales increased 200 percent over September 2014. Kentwood Real Estate has an 18 percent market share of the luxury market with a total of 154 million dollar active listings. Following are details for August.
Downtown Denver Condominium Average Sales Price Jumps 22.3 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 $503,355, a 22.3 percent increase compared to the same period last year. The number of closed sales increased 27.8 percent to 46.
Closed sales volume was $23,154,320 for September, an increase of 56.2 percent over September 2014. The highest sold price in September was $1,575,000. The statistics show a total of 26 downtown Denver condominiums under contract in September and a total of 112 condos currently active.
Average days on the market decreased 44.6 percent in September compared to September 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 $182,281,823 representing a total of 349 closed sales. Average sales price year over year increased 9.2 from 2014. Average days on the market year over year was 44 in 2015 compared to 62 last year.
“Although inventory has been slowly increasing before the winter slowdown arises, quality properties priced right and ready to move into are still selling quickly and in many cases before hitting the open market,” said Bill Verdon, Broker Associate with Kentwood City Properties. “Those buyers with cash still rule the transactions, making deals ahead of buyers obtaining loans in all price ranges.
“We are beginning to see the market flatten out in terms of price appreciation, whereas sellers can no longer list the home and just throw any price on it,” Verdon continued. “Price reductions are showing up more often as some sellers are still testing the market, trying to obtain above market price for the homes. Downtown for-sale inventory is extremely low and condos and lofts in most areas of LoDo and surrounding locations are selling within days if priced correctly in all price ranges. Anywhere near Union Station, properties are selling for historic highs in terms of price per square foot.”
Market Recap for The Villages Shows Closed Sales Up 50 Percent
Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for September shows closed sales increased 50 percent from September 2014, with the average sold price at $1,727,017. The highest sold price in September was $5,395,000, while the average number of days on the market increased 202.4 percent to 124.
Currently there are 128 residential listings and 38 land listings in Cherry Hills Village and Greenwood Village. Kentwood Real Estate enjoys a 30 percent market share with 51 active listings. Average price per square foot in The Villages increased 11.9 percent to $408 from the previous year. There is a total of 27 residential listings and three land listings under contract.
Average days on the market increased 202.4 percent to 124 from September 2014, and there were a total of 18 closed residential sales in September. Closed sales volume year over year was $262,884,661, and the average sales price was $1,632,824.
Average Sales Price for Cherry Creek Neighborhood Increases 12.5 Percent in September
The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 12.5 percent to $1,071,472 compared to September 2014, according to data gathered by Kentwood Real Estate. The number of days on the market in September decreased 57.8 percent to 27, with closed sales volume totaling $9,643,250 for a 15.9 percent increase over September 2014.
Closed residential sales increased 12.5 percent to nine, with the highest sold price year to date at $3,522,019. The average sales price last year was $1,040,687 for a 13.2 percent increase.
Condominium sales for Cherry Creek remained unchanged from September 2014, with an average sales price of $380,750. The highest sold price was $500,000. Closed condominium sales volume year to date was $367,560,254 in September. Average days on the market for September was four, a decrease of 33.3 percent from last year.
There are currently 79 residential and condominium listings in Cherry Creek. Kentwood Real Estate has a 22 percent market share with 17 active listings.
“If you haven’t driven around Cherry Creek lately, you will be amazed to see the exciting landscape changes, including luxury apartment and condo properties, a beautiful addition to Cherry Creek Shopping Center, and an influx of dynamic new businesses and restaurants,” said Ann Baumgartner and Steve Barrett of Kentwood Real Estate Cherry Creek. “We are also thrilled about our new office on 2nd Avenue that is currently being remodeled.
“This already vibrant community has taken on a new life and the sales numbers are up with closed sales volume increasing by 10 percent and the average sales price increasing 13 percent over 2014 numbers,” they continued. “At last, we are seeing more sellers get into the pond with new listings appearing daily. Buyers have great choices now, where they might have struggled in the competitive waters of spring. Look for the numbers on the condos sold to skyrocket in the coming months as completion nears on new developments. The pre-sales have just been phenomenal.”
Luxury Market Recap from Kentwood Real Estate Shows a Total of 853 Million Dollar Listings in Metro Denver
Kentwood Real Estate’s September 2015 Luxury Market Recap for residential and condominium properties shows a total of 853 million dollar listings in metro Denver, with Kentwood Real Estate enjoying an 18 percent market share with 154 active million dollar listings.
Closed sales for single-family luxury homes increased 54.9 percent in September 2015 compared to September last year. Average days on the market decreased 3.4 percent to 85, while the average sold price increased 6.2 percent to $1,589,896. The highest sold price was $5,395,000, with total sales volume increasing 64.6 percent to $125,601,745. There are a total of 812 active residential listings and a total of 118 million dollar properties under contract.
Luxury condominium sales in September averaged 12 days on the market, which was a 140 percent increase over September 2015. The highest sold price was $1,575,000, while the average sales price increased 14.1 percent to $1,266,667. Total sales volume for luxury condos was $3,800,000. There are 41 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.