DENVER, CO - A report released Wednesday by LIV Sotheby's International Realty, indicated that both the Denver metro and Boulder luxury real estate market enjoyed an extended fall selling season in 2017, based on the increased number of luxury home sales (sales over $1 million) that took place in November. Additionally, the brokerage is credited with capturing the top four luxury home sales in Denver in the month of November, indicating consumers’ continued desire to invest in luxury real estate in Colorado, and confidence in working alongside a globally recognized real estate brand when purchasing a luxury home.
“October sales of luxury homes in the Denver Metro market jumped 35% in October to 136, further diminishing the supply of inventory that had been waning since June,” said Scott Webber, president, of LIV Sotheby's International Realty. “The current inventory of homes listed for sale over $1 million is at 832, and with an average of 120 listings selling each month – there is a 6.9-month supply. This time last year we had a 7.6-month supply. Anything under 6 months is considered a seller’s market, and we are trending in that direction.”
In Denver metro, the number of luxury homes sold demonstrated increase year-over-year, with 122 homes with a price tag of more than $1 million sold in November 2017, over 102 sold in November 2016, a 20% increase, according to data released by LIV Sotheby’s International Realty and based on information from REColorado. New inventory increased 29% year-over-year with 126 new listings entering the Denver market in November 2017, compared to only 98 new listings in November 2016. The Average Price per square foot also increased, up 11% year-over-year, from $400 in November 2016, to $442 in November 2017, indicating a competitive luxury marketplace.
The top four luxury home sales in Denver in November are credited to agents with Colorado brokerage, LIV Sotheby’s International Realty. Adam Moore, represented the most expensive residential sale in metro Denver, in November; a 5,210 square-foot residence located at 1133 14th Street #4300, that sold for $5,300,000. Following that sale, LIV Sotheby’s International Realty brokers, Susie Dews, Jeff Hendley and Rochelle McNaughton, represented the three consecutive top sales. Dews and Hendley represented the $4,500,000 sale of 5550 South Steele Street, in Greenwood Village. Dews also represented the $3,670,000 sale of 4710 South Downing, in Cherry Hills Village. Rochelle McNaughton represented the $3,650,000 sale of 4 Cherry Hills Farm Court- also in Cherry Hills Village.
In November, the Boulder County luxury real estate market demonstrated a 19% increase year-over-year, with 27 homes selling in November 2016, rising to 32 homes sold in November 2017 (information from IRES, LLC).
The number of active listings increased 19% year-over-year, from 31 in November 2016 to only 25 in November 2017. Average sales price rose 6%, from $1.57 million in October 2016, to $1.66 in October 2017.
“Boulder saw a dramatic spike in luxury listings sold in the month of October, with 51 sales demonstrating a 70% increase over September,” said Boulder managing broker, David Carner, of LIV SIR. “New listings for the month of October were also at 51, and the overall inventory of homes over $1 million stood at 227 at month end. Average Days on Market dropped -13% to 87 days, a further indication that there is more demand than supply in this fast-moving, competitive market, and prices will continue to rise for the foreseeable future.”
The most expensive residential sale in November, in Boulder County, was a 5,324 -square foot residence located at 933 Forest Ave, Boulder, CO, that sold for $2,350,000.
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 list your home for sale with LIV Sotheby’s International Realty, please visit www.livsothebysrealty.com or call 303.893.3200.
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.