Luxury Single-Family Home Sales Increase Nearly 34 Percent in December Compared to Same Period Last Year
Posted by Douglas E. Lierle — January 11, 2016
DENVER, CO - Kentwood Real Estate has released the company’s comprehensive real estate statistics for December 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 increased 33.8 percent in December 2015 compared to the same period last year. There was a total of 95 million dollar-plus single-family luxury properties sold in December. Luxury condominium sales increased 366.7 percent in December compared to last year, with a total of 14 million dollar-plus condos sold. Kentwood Real Estate has a 14 percent market share of the luxury market with a total of 80 million dollar active listings. Following are details for December 2015.
Luxury Market Recap from Kentwood Real Estate Shows a Total of 597 Million Dollar Listings in Metro Denver
Closed sales volume for single-family luxury homes increased 34.3 percent in December 2015 compared to the same period last year with total sales volume of $140,258,622. Average days on the market decreased 20.3 percent to 110, while the average sold price increased 58.9 percent to $1,476,407. There are a total of 597 active residential listings and a total of 114 million dollar properties under contract.
Luxury condominium sales in December averaged 85 days on the market, which was a 63.4 percent decrease over December 2014. The highest sold price was $2,869,462, while the average sales price decreased 8.0 percent to $1,668,445. Total sales volume for luxury condos was $23,358,445. There are 27 active listings and 11 luxury condos currently under contract.
Downtown Denver Condominium Closed Sales Drop 18.9 Percent from December 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 18.9 percent in December 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 December, a decrease of 8.2 percent over December 2014. The highest sold price in December was $1,899,000. The statistics show a total of 30 downtown Denver condominiums under contract in December and a total of 90 active condo listings.
Average days on the market increased 72 percent to 129 in December. Average sales price year over year increased 10.5 percent to $538,028. 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 $227,585,668 representing a total of 423 closed sales. Average days on the market year over year was 50 in December 2015 compared to 70 last year.
“We have continued to see another strong year for the downtown Denver condo market in 2015,” said Kim Norton, a top producing Broker Associate with Kentwood City Properties. “When comparing year over year data for 2014 and 2015, both the average sales volume and average sales price were up 10.5 percent, respectively. The average days on the market was down 28.6 percent. These strong numbers were likely driven by less inventory in 2015 over 2014 that we have seen for several years running. The lack of inventory has been driving prices upward with desirable properties going under contract quickly.
“I am confident that the ongoing build-out of the Union Station neighborhood and the addition of the soon-to-be running light rail from Union Station to DIA, are factors that will continue to drive a strong market in the downtown Denver area,” Norton continued. “As Realtors, we are often asked how the large volume of newly available apartments is affecting property values, and I believe that this rental inventory is simply bringing even more people to the area. To the present date, I don’t see this having any effect one way or another on the value of for-sale properties. If anything, these renters will likely be future buyers.”
Market Recap for The Villages Shows Average Sales Price Increase of 3.4 percent to $1,403,263
Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for December shows the average sales price increased 9.5 percent over last December to $1,810,011. Closed sales increased 46.2 percent to 19 over December 2014. The highest sold price in December was $5,960,000, while the average number of days on the market increased 45.1 percent to 148.
Currently there are 85 residential listings and 36 land listings in Cherry Hills Village and Greenwood Village. Kentwood Real Estate enjoys a 21 percent market share with 26 active listings. Average price per square foot in The Villages increased 3.0 percent to $371 from the previous year. There is a total of 15 residential listings and three land listing under contract.
Average days on the market increased 45.1 percent to 148 from December 2014, and there were a total of 19 closed residential sales in December. Closed sales volume year over year was $356,181,125, and the average sales price was $1,672,212, an increase of 1.8 percent.
“The sales of real estate in the Villages in December are representative of a lack of inventory of quality homes for sale in the price range under $2 million.” said Jim Traynor, a Broker Associate with Kentwood Real Estate DTC. “Multiple offers and the abundancy of buyers in this price range wanting to live in the Cherry Hills and Greenwood Village neighborhoods suggests that if you are an owner considering selling in the near future, your home would most likely command a strong, positive reaction to the market right now.”
Average Residential Sales Price for Cherry Creek Neighborhood Increases 18.8 Percent in December
The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 18.8 percent to $1,072,757 compared to December 2014, according to data gathered by Kentwood Real Estate. The number of days on the market in December decreased 50.9 percent to 57, with closed sales volume totaling $13,945,840 for a 14.2 percent decrease over December 2014.
Closed residential sales dropped 27.8 percent to 13. The highest sold price year to date was 3,522,019. The average sales price last year was $1,016,369 for a 9.0 percent increase.
Condominium sales for Cherry Creek totaled 28 in December for a 460 percent increase over December 2014, with an average sales price of $959,176. The highest sold price was $2,869,462. Closed condominium sales volume year to date was $119,650,761 in December. Average days on the market for December was 57 for a decrease of 47.2 percent from last year.
There are currently 66 residential and condominium listings in Cherry Creek. Kentwood Real Estate has an 18 percent market share with 12 active listings.
“The luxury condo market in Cherry Creek received a huge boost in late 2015 with the completion of the highly anticipated residential building at 250 Columbine,” said Dawn Raymond, a leading Broker Associate at Kentwood Real Estate Cherry Creek. “250 Columbine was the first ‘for sale’ development in Cherry Creek in the past eight years. Because of strong pent-up demand, it was sold out of all but two if its 71 residences prior to completion. The final two residences, a spectacular 7th floor penthouse and a 6th floor junior penthouse, will be released for sale in early spring 2016.”
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.