Luxury Single-Family Home Sales Increased 18.1 Percent in November While Luxury Condo Sales Increased 125 Percent
Posted by Doug E. Lierle — December 12, 2017
DENVER, CO - Kentwood Real Estate has released the company’s comprehensive real estate statistics for November 2017 for single-family homes, luxury residences, Greenwood Village, Cherry Hills Village, the City of Denver and the Cherry Creek neighborhood. Kentwood’s latest report shows that luxury single-family home sales increased 18.1 percent in November compared to the same period in 2016 with 111 closed sales, while luxury condo sales increased 125 percent with nine total sales compared to November 2016.
There is currently a total of 638 million dollar residential and condo listings in the metro Denver area, with Kentwood Real Estate holding a significant market share with 92 million dollar listings. Closed sales volume for luxury residences was $167,297,540 in November, while closed sales volume for luxury condos was $17,620,000, a 207 percent increase compared to November last year. Following are details for November 2017.
The average sales price for single-family luxury homes decreased 7.3 percent in November to $1,507,185. Average days on the market increased 2.8 percent to 111. Highest sold price was $4,500,000. There are a total of 593 active residential listings.
Luxury condominium sales in November averaged 33 days on the market, which was a 28.3 decrease over November 2016. The highest sold price was $5,300,000. There was 46 active luxury condominium listings. Closed sales volume year over year was $122,428,975, a 38.8 percent increase over last year, while the average sales price year over year decreased 6.3 percent to $1,589,987.
“Working for over 25 years with the buyers and sellers of luxury homes throughout the metro Denver area, I believe we are currently experiencing a very robust and active market in higher end homes, especially for this time of year,” said Jon Gordon of Kentwood Real Estate. “We see an increase year-to-date of approximately 23.8 percent in the closed sales volume of the Denver area’s luxury homes, which I believe is due in large part to the slim inventory and increasing demand for these type of properties and estates. That said, location, condition, style and correct pricing are still essential factors for a successful sale.
“We have learned that even in a robust market like we are seeing now, these buyers are sophisticated and quickly focus on what style, size and location they want,” Gordon continued. “Buyers remain very price sensitive. However, more than in past years, they are looking for homes, both modern and classic, that are in good condition with updated finishes, current floorplans and mostly ‘move-in ready,’ while avoiding homes that appear ‘dated’ or in need of a lot of work.
“As for the luxury condominium market, while the number of closed sales is up this year, condominiums are taking somewhat longer to sell, which just confirms the importance of a good marketing strategy exposing these homes to higher end buyers both here, throughout the U.S., and abroad,” said Gordon. “Denver is booming and buyers from out of state are attracted to the lifestyle that Denver offers. It’s the most exciting time in my 25-plus years of working with buyers and sellers of Denver’s luxury properties.”
Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for November show the average sales price increased 12.4 percent over last November to $1,829,183. Closed sales decreased 14.3 over November 2016. The highest sold price in November was $4,500,000, while the average number of days on the market deceased 36.4 percent to 91. Closed sales volume was $21,950,200, a 3.7 percent decrease over November last year. Average price per square foot was $514 for a 42.3 percent increase over last November.
Currently there are 83 residential listings and 34 land listings in Cherry Hills Village and Greenwood Village. Kentwood Real Estate enjoys a 23 percent market share with 27 active listings.
“Year to date the average sales price in the Villages is just under $1.8 million,” said Brian Harris of Kentwood Real Estate. “On average, homes are on the market about 90 days before receiving an offer. Inventory remains low with only 83 homes currently listed for sale.
“Last month we represented a buyer who purchased a two-and-a-half-acre lot in rural Greenwood Village for just over $1.5 million,” Harris continued. “The buyers were looking for a private lot where they could build their dream home in a serene setting. The Villages continue to attract buyers who are looking for homes with a strong sense of community and convenient access to downtown and the DTC area and also located within a strong school system.
“With limited inventory, it is important for a buyer to have a professional real estate agent who has a good pulse on the market. There are many sales that are occurring outside of the MLS, or before they hit the MLS, and therefore are not reflected in this data,” said Harris.
The average residential sales price for homes in Denver’s Cherry Creek neighborhood decreased 34.2 percent to $1,006,100 compared to November 2016, according to data gathered by Kentwood Real Estate. The average number of days on the market in November increased 68.6 percent to 145, with closed sales volume totaling $14,085,406 for a 7.9 percent decrease over November last year. Closed residential sales increased 40 percent to 14. The highest sold price was $1,950,000.
Condominium sales for Cherry Creek totaled 12 in November, which was a 33.3 percent increase over November 2016, with an average sales price of $917,750. The highest sold price was $2,750,000. Closed condominium sales volume was $11,013,000 in November, a 77.1 percent increase over November last year. Average days on the market for November was 33, which was a 13.2 percent decrease over last year. There are currently 75 residential and condominium listings in Cherry Creek, with Kentwood Real Estate holding 10 active listings.
There is currently a total of 626 detached listings and 701 attached listings in the City of Denver, with Kentwood Real Estate holding 107 active listings. Closed sales for detached residences totaled 661 in November, a 0.9 percent increase over the same period last year. Closed sales volume was $348,608,157, an 8.3 percent increase over last November. Average sales price was $527,395 for a 7.3 percent increase, and the highest sold price was $3,200,000, an increase of 54.3 percent. Average days on the market for detached residences was 33, a decrease of 8.3 percent.
Closed sales for attached homes totaled 479, which was a decrease of 1.6 percent from last November. Closed sales volume was $192,808,558, an increase of 9.2 percent. The average sales price for attached residences was $402,523, and the highest sold price was $5,300,000, a 231.3 percent increase over November 2016. Average days on the market for attached homes in November was 81, which was a 72.3 percent increase from the same period last year.
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 two nationwide by the National Association of Realtors and number one in Colorado by 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.