DENVER, CO - At the end of summer in Denver metro, the luxury home sales (sales over $1M) market remained strong in August. Levels of inventory are up year-over-year in Denver metro, indicating a favorable market for luxury home buyers. With an end-of-summer push to wrap up the luxury home purchase process in advance of the school year, an increased number of late-summer sales took place in the luxury market compared to last year.
“Luxury homes sales continue at a steady pace as we enter the autumn selling season,” said Scott Webber, president, of LIV Sotheby's International Realty. “The number of new listings was up 30% year-over-year in August, meaning more options for Buyers, coupled with a continued-strong marketplace for Sellers, with the highest luxury home sale surpassing the $8M mark in August.”
In Denver metro, the number of luxury homes sold demonstrated increase year-over-year, with 125 homes with a price tag of more than $1M sold in August 2017, over 117 sold in August 2016, a 7% increase, according to data released by LIV Sotheby’s International Realty and based on information from REColorado. New inventory increased 30% year-over-year with 232 new listings entering the Denver market in August 2017, compared to 178 new listings in August 2016. The Average Price per square foot also increased, up 10% year-over-year, from $413 in August 2016, to $453 in August 2017, indicating a still-competitive market as we enter the fall selling season.
The most expensive residential sale in metro Denver, in August, was a 9,906 square-foot residence located at 466 Houndstooth Court, Highlands Ranch, CO, that sold for $8,116,000.
In August, the Boulder County luxury real estate market demonstrated balance. Though luxury homes sales decreased slightly year-over-year, down 8% from 39 homes selling in August 2016, to 36 homes sold in August 2017 (information from IRES, LLC), the market remains competitive.
The number of active listings increased 7% year-over-year, from 243 in August 2016 to 259 in August 2017. Average sales price rose 11%, from $1.53M in August 2016, to $1.71 in August 2017.
“Overall, the luxury market in Boulder continues to grow,” said Boulder managing broker, David Carner, of LIV SIR. “Average sales price has surpassed the $1.7M mark, indicating a strong Sellers’ market as we enter into fall.”
The most expensive residential sale in August, in Boulder County, was a 10,994-square foot residence located at 10135 N 75th St, Longmont, CO, that sold for $5,200,000. The sale was brokered by LIV Sotheby's International Realty brokers, Jeff and Carliss Erickson.
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. 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 14 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 the Vail Valley. For more information, call 303.893.3200. To service all of your real estate needs visit www.livsothebysrealty.com.