Denver’s Luxury Housing Market Shows Significant Increase Year Over Year in December, Up 50%
Posted by Brittanny Havard — January 8, 2016
DENVER, CO - The number of luxury homes sold (sales over $1M) in the Denver metro market in December demonstrated a 50% increase compared to December 2014, according to a report released Monday by LIV Sotheby’s International Realty. A strong first quarter is projected based on Colorado’s improved local economy combined with climbing homeowner equity within the residential luxury market. In Denver metro 116 homes with a price tag of more than $1M sold in December, over 78 sold in December of last year, according to the monthly analysis based on information from REColorado.
“The luxury market in Denver metro is very tight, with inventory at its lowest in a year, combined with nearly double the number of sales the previous month or in December of last year.” said LIV Sotheby’s International Realty president, Scott Webber. “This represents nearly 20% of the entire inventory turning over in one month. Conditions are favorable for a very busy 2016, and we expect competition for the finest properties to be fierce.”
The average selling price stood at $1.51M in December, demonstrating a 1% increase year-over-year.
In Denver metro, the average days on the market decreased to 107 days in December, a significant, 22% decrease from the 137-day average in December, 2014.
Boulder County also experienced an increase in luxury sales, with 28 homes with a price tag of more than $1M selling in December, up 40% from December, 2014 (statistics pulled from IRES, LLC). Month over month, luxury sales in Boulder demonstrated significant growth, up 87% over 15 homes selling in November, 2015.
The average days on the market decreased to 109 days in December, a 3% decrease from the 112-day average in December, 2014.The most expensive residential sale in December was a 6,526 square foot residence located at 437 University Avenue, Boulder, for $3,350,000, with 5 beds, 6 baths.
“The 28 homes over $1M that sold in December represented over 10% of the entire inventory in Boulder County – a sign that demand is still strong and driving up prices,” said Boulder managing broker, David Carner, of LIV SIR. “From here through July, we’ll see the inventory of listings increase, but the unmet demand created by our thriving local economy will continue to create growth in our luxury market. The population of Boulder is about 100,000, and there are more than 100,000 jobs here according to the Boulder Chamber of Commerce.
Resort Update: Month over month, in the resort communities of Eagle County, luxury numbers show signs of balance with 29 homes with a price tag of more than $1M sold in December, 2015, compared to 30 homes sold in November, 2015 (statistics pulled from Vail Board of Realtors, MLS).
In Summit County, luxury numbers also show signs of slight decrease with 13 homes with a price tag of more than $1M sold in December, down 7% 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.