Denver’s Luxury Housing Market Shows Balance Year Over Year in November
Posted by Brittanny Havard — December 11, 2015
DENVER, CO - The number of luxury homes sold (sales over $1M) in the Denver metro market in November showed signs of balance compared to November 2014, according to a report released Monday by LIV Sotheby’s International Realty. A strong fourth quarter is projected based on Colorado’s improved local economy combined with climbing homeowner equity within the residential luxury market. In Denver metro 56 homes with a price tag of more than $1M sold in November, identical to the number sold in November of last year, according to the monthly analysis based on information from REColorado.
“The luxury market in metro Denver is as active as it was in 2014, and signs are promising for an even busier 2016,” said LIV Sotheby’s International Realty president, Scott Webber. “The inventory of homes over $1M has dropped 16% in the last month, reflecting a seasonal drop expected for this time of year. However, by the end of December, we will see just over 1,000 properties sold in the last 12 months – which is 25% more than last year. The highest price sale was an $11M property consisting of nearly 15 acres in Cherry Hills Village. The buyer was brought by LIV Sotheby’s International Realty broker, Susie Dews.”
The average selling price increased to $1.47M in November, demonstrating a 2% increase year-over-year.
In Denver metro, the average days on the market decreased to 89 days in November, a significant, 33% decrease from the 133-day average in November, 2014.
Boulder County experienced a decrease in luxury sales, with 15 homes with a price tag of more than $1M selling in November, down 44% from November, 2014 (statistics pulled from IRES, LLC), but a large increase in selling price.
The average selling price in Boulder jumped to $2.22M in November, up 57% from November, 2014 and up 49% percent month-over-month. The most expensive residential sale in November was a 5,588 square foot residence located at 4651 Eldorado Springs Dr, Boulder, for $6.3M, with 4 beds, 6 baths.
“The supply of homes for sale over $1M in Boulder dropped 20% last month to 287 properties on the market,” said Boulder managing broker, David Carner, of LIV SIR. “This “trough” is seasonal, and very much expected for this time of year. The overall market for luxury properties is up about 30% this year, with the number of properties sold approaching 400 for 2015, and already well over $500M in total sales volume. That’s roughly 1/3 the size of the overall Denver metro luxury market.”
Resort Update: In the resort communities of Eagle County, luxury numbers show signs of increase with 30 homes with a price tag of more than $1M sold in November, up 43% year over year (statistics pulled from Vail Board of Realtors, MLS).
In Summit County, luxury numbers also show signs of increase with 17 homes with a price tag of more than $1M sold in November, up 143% 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 11 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 Vail. For more information call 303.893.3200. To service all of your real estate needs visit www.livsothebysrealty.com.