Luxury Single-Family Home Sales Remained Unchanged in August While Luxury Condo Sales Increased 60 percent Over August 2016
Posted by Douglas E. Lierle — September 18, 2017
DENVER, CO - Kentwood Real Estate has released the company’s comprehensive real estate statistics for August 2017 for luxury residences and condominiums, the Cherry Creek neighborhood, and Greenwood Village and Cherry Hills Village. Kentwood’s latest report shows that luxury single-family home sales remained unchanged in August compared to the same period in 2016 with 110 closed sales, while luxury condo sales increased 60 percent compared to the same period last year.
There is currently a total of 886 million dollar residential and condo listings in the metro Denver area, with Kentwood Real Estate holding a significant market share with 112 million dollar listings. Closed sales volume for luxury residences was $176,639,711, while closed sales volume for luxury condos was $11,357,000, a 29.9 percent increase compared to August last year. Following are details for August 2017.
Average Sales Price for Luxury Residences in August Increased five Percent to $1,605,816 While Average Sales Price for Luxury Condos Decreased 18.8 Percent to $1,419,625
The average sales price for single-family luxury homes increased five percent in August to $1,605,816. Average days on the market increased 9.9 percent to 100. Highest sold price was $8,116,000. There are a total of 816 active residential listings.
Luxury condominium sales in August averaged 53 days on the market, which was a 23.2 percent decrease over August 2016. The highest sold price was $1,925,000. There were 50 active luxury condominium listings. Closed sales volume year over year was $78,488,325, a 24.1 percent increase over last year, while the average sales price year over year decreased 10.7 percent to $1,569,767.
Market Recap for The Villages Shows Average Sales Price Decreased 22.3 Percent to $1,549,140
Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for August show the average sales price decreased 22.3 percent over last August to $1,549,140. Closed sales increased 25 percent to 20 over August 2016. The highest sold price in August was $3,135,000, while the average number of days on the market deceased 27.2 percent to 91. Closed sales volume was $30,982,805, a 2.9 percent decrease over August last year. Average price per square foot was $392 for a 5.7 percent decrease over last August.
Currently there are 100 residential listings and 37 land listings in Cherry Hills Village and Greenwood Village. Kentwood Real Estate enjoys a 25 percent market share with 34 active listings.
Average Residential Sales Price for Cherry Creek Neighborhood Decreases 9.7 Percent in August
The average residential sales price for homes in Denver’s Cherry Creek neighborhood decreased 9.7 percent to $938,466 compared to August 2016, according to data gathered by Kentwood Real Estate. The average number of days on the market in August decreased 39.6 percent to 29, with closed sales volume totaling $10,323,124 for a 33.8 percent decrease over August 2016. Closed residential sales decreased 26.7 percent to 11. The highest sold price was $2,170,000.
Condominium sales for Cherry Creek totaled six in August, which was a 33.3 percent decrease over August 2016, with an average sales price of $906,750. The highest sold price was $1,650,000. Closed condominium sales volume was $5,440,500 in August, a 4.9 percent decrease over August last year. Average days on the market for August was 64, which was a 16.4 percent increase over last year. There are currently 105 residential and condominium listings in Cherry Creek, with Kentwood Real Estate holding 20 active listings.
“The number and average price of condos sold in Cherry Creek decreased for the eight months of 2017 from 2016 due to the completion and closing of 17 units in 250 Columbine in 2016 (the largest new build to date),” said David Bell, a leading Broker Associate and member of The Aden Bell Group at Kentwood Real Estate Cherry Creek. “The condo market, without regard to this difference, is very strong with high demand and low inventory to be sold. Despite low inventory of homes in Cherry Creek, homes sold increased 15 percent, which shows the high demand for living in the vibrant, convenient location.”
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 two nationwide by the National Association of Realtors and number one in Colorado by REAL Trends.
About Kentwood Real Estate
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.