Denver’s Luxury Housing Market See’s Significant Growth Year-Over-Year in September
Posted by Brittanny Havard — October 12, 2015
DENVER, CO - The total sales volume of luxury homes sold (sales over $1M) in the Denver metro market in September was 60% higher than September of last year, according to a report released Monday by LIV Sotheby’s International Realty. There was $127.4M in luxury properties sold this past month, compared to just under $80M last September. A continued strong 2015 is projected based on Colorado’s strong local economy combined with climbing homeowner equity within the residential luxury market. The number of luxury homes sold continued its seasonal downward trend, with 81 sales in metro Denver with a price tag of more than $1M sold in September, down -21% percent from August. However, that number was up 50% year-over-year, according to the monthly analysis based on information from REColorado.
“The luxury market is growing – both in the number of $1M+ properties being offered and the number of sales” said LIV Sotheby’s International Realty president, Scott Webber. “Inventory is at an all-time high of just under 900 properties currently on the market. Meanwhile the number of properties sold has dropped each month since the high in June. Buyers have more choice now than they did this summer, and now is a great time to capitalize on our rising market.”
The average selling price rose to $1.57M in September, demonstrating an 8% increase from August.
In Denver metro, the average days on the market decreased to 84 days in September, an -8% decrease, from the 91-day average set in August.
Boulder County is also experiencing a significant growth in its luxury market, with $513M in sales volume in the last twelve months, a 29% increase year-over-year. There were 340 sales in the last twelve months, compared to 255 in the same period last year. September was a particularly slow month, however, with only 17 sales, down 50% from August (statistics pulled from IRES LLC).
“Market activity has slowed a bit this fall, but 2015 will still set a high water mark for sales volume and number of transactions in the $1M+ price range.” said Boulder managing broker, David Carner, of LIV SIR. “Rapid appreciation, particularly in the last two years, has driven this growth, with the average price of a single family home in central Boulder and the historic district now topping $1M, and the average price for all properties in the entire city of Boulder is $654,968. The luxury market in Boulder County is about a third the size of Denver metro, but only has about one-tenth the population.
The average selling price in Boulder stood at $1.45M in September, up 7 percent from August, and down -14% percent year-over-year. The most expensive residential sale in September was a 6,756 square foot home located at 2015 Hermosa Drive, for $2.8M, with 5 beds, 6 baths.
Resort Update: In the resort community of Eagle County, luxury numbers show signs of significant increase with 44 homes with a price tag of more than $1M sold in September, up 29% year over year (statistics pulled from Vail Board of Realtors, MLS).
In Summit County, luxury numbers also show signs of increase with 25 homes with a price tag of more than $1M sold in September, up 39% year-over-year (statistics pulled from SAR, MLS).
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 LIV Sotheby’s International Realty public relations manager, Brittanny Havard, at 303.486.3738. 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.