Luxury Single-Family Home Sales Cool Off in November as Luxury Condo sales Increase 333.3 Percent
Posted by Douglas E. Lierle — December 14, 2015
DENVER, CO - Kentwood Real Estate has released the company’s comprehensive real estate statistics for November for condominiums in downtown Denver, single-family homes, luxury residences, and market data for Greenwood Village, Cherry Hills Village, and the Cherry Creek neighborhoods. Kentwood’s latest report shows that luxury single-family home sales cooled off in November to 42 compared to 52 sales in November 2014, a 19.2 percent drop. Luxury condominium sales increased 333.3 percent in November compared to last year, with a total of 13 million dollar condos sold. Kentwood Real Estate has a 15 percent market share of the luxury market with a total of 105 million dollar active listings. Following are details for November 2015.
Luxury Market Recap from Kentwood Real Estate Shows a Total of 688 Million Dollar Listings in Metro Denver
Closed sales volume for single-family luxury homes decreased 14.1 percent in November 2015 compared to the same period last year with total sales volume of $65,149,339. Average days on the market decreased 30.9 percent to 94, while the average sold price decreased 20.5 percent to $1,551,175. There are a total of 654 active residential listings and a total of 153 million dollar properties under contract.
Luxury condominium sales in November averaged 78 days on the market, which was a 387 percent increase over November 2014. The highest sold price was $1,518,679, while the average sales price increased 7.3 percent to $1,246,704. Total sales volume for luxury condos was $16,208,148. There are 34 active listings and 20 condos currently under contract.
“Year over year statistics for luxury condominiums show significant increases from 2014,” said Stan Kniss, a leading Broker Associate with Kentwood City Properties. “However, that doesn’t tell the whole story. While inventory levels are fairly normal, the number of transactions is down over the past three to four months. In an effort to understand why, you could point towards the downturn in the oil and gas industry or market seasonalities. Is this a lasting trend? I don’t think so. The market fundamentals are still very strong…unemployment levels, job growth, inflation, interest, etc. I suspect we’ll see strong activity into the first and second quarter of 2016.”
Downtown Denver Condominium Closed Sales Drop 50 Percent from November 2014
Kentwood Real Estate’s latest real estate market data, which is gathered from the most reliable sources in metro Denver, shows that downtown Denver condominium sales dropped 50 percent in November compared to the same period last year. The average downtown Denver condominium sales price increased 8.1 percent to $486,344.
Closed sales volume was $7,781,500 for November, a decrease of 45.9 percent over November 2014. The highest sold price in November was $1,085,000. The statistics show a total of 35 downtown Denver condominiums under contract in November and a total of 116 active condo listings.
Average days on the market remained constant at 51 in November. Average sales price year over year increased 12.7 percent to $537,823. 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 $211,902,223 representing a total of 394 closed sales. Average days on the market year over year was 45 in November 2015 compared to 61 last year.
Market Recap for The Villages Shows Average Sales Price Increase Up 3.4 percent to $1,403,263
Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for November shows the average sales price increased 3.4 percent over last November to $1,403,263. Closed sales decreased 6.3 percent to 15 for November 2014. The highest sold price in November was $3,040,000, while the average number of days on the market increased 3.8 percent to 81.
Currently there are 92 residential listings and 39 land listings in Cherry Hills Village and Greenwood Village. Kentwood Real Estate enjoys a 27 percent market share with 35 active listings. Average price per square foot in The Villages increased 14.9 to $389 from the previous year. There is a total of 29 residential listings and one land listing under contract.
Average days on the market increased 3.8 percent to 81 from November 2014, and there were a total of 15 closed residential sales in November. Closed sales volume year over year was $319,331,925, and the average sales price was $1,654,570, an increase of 2.3 percent.
“The November 2015 market activity and sales volume for Cherry Hills Village and Greenwood Village combined was down slightly from the 2014 market activity, but the good news is property values have stayed strong with an almost 10 percent (9.7%) year over year increase in price per square foot sales prices,” said Charles Gargotto, a leading Broker Associate with Kentwood Real Estate DTC.
Average Residential Sales Price for Cherry Creek Neighborhood Increases 4.9 Percent in November
The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 4.9 percent to $934,455 compared to November 2014, according to data gathered by Kentwood Real Estate. The number of days on the market in November increased 13.8 percent to 66, with closed sales volume totaling $10,279,000 for a 4.9 percent increase over November 2014.
Closed residential sales remained unchanged at 11, with the highest sold price year to date at $3,522,019. The average sales price last year was $1,010,597 for a 7.9 percent increase.
Condominium sales for Cherry Creek totaled 36 in November for a 500 percent increase from November 2014, with an average sales price of $783,321. The highest sold price was $1,518,679. Closed condominium sales volume year to date was $92,793,833 in November. Average days on the market for November was 38 for a decrease of 43.3 percent from last year.
There are currently 82 residential and condominium listings in Cherry Creek. Kentwood Real Estate has a 17 percent market share with 14 active listings.
“Year to date for townhomes and condos, our average sales price increased 19.9 percent and for single-family homes the average sales price increased 7.9 percent,” said Gayle Glucksman of Kentwood Real Estate Cherry Creek. “Currently for townhomes, we have 24 on the market with a low of $335,000 to a high of $2.3 million. For single-family homes, there are 11 homes on the market with the main price point in the million range. We have had a very robust year in Cherry Creek with the addition of exciting new stores and restaurants to make Cherry Creek still a desired location in which to live.”
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.