Kentwood Real Estate's December Housing Market Report
Posted by Douglas E. Lierle — January 19, 2018
DENVER, CO - Kentwood Real Estate has released the company’s comprehensive real estate statistics for December 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 9.8 percent in December compared to the same period in 2016 with 90 closed sales, while luxury condo sales decreased 12.5 percent with seven total sales compared to December 2016.
There is currently a total of 538 million dollar residential and condo listings in the metro Denver area, with Kentwood Real Estate holding a significant market share with 74 million dollar listings. Closed sales volume for luxury residences was $137,732,239 in December, while closed sales volume for luxury condos was $12.219,059, a 15.6 percent increase compared to December last year. Following are details for December 2017.
The average sales price for single-family luxury homes increased 10.4 percent in December to $1,530,358. Average days on the market increased 7.9 percent to 137. Highest sold price was $6,500,000. There are a total of 492 active residential listings.
Luxury condominium sales in December averaged 257 days on the market, which was a 213.4 increase over December 2016. The highest sold price was $3,750,000. There were 46 active luxury condominium listings. Closed sales volume year over year was $134,648,034, a 36.3 percent increase over last year, while the average sales price year over year decreased 2.6 percent to $1,602,953.
Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for December show the average sales price increased 51.9 percent over last December to $2,198,247. Closed sales decreased 27.7 over December 2016. The highest sold price in December was $4,250,000, while the average number of days on the market increased 91.4 percent to 111. Closed sales volume was $24,180,718, an 11.4 percent increase over December last year. Average price per square foot was $407 for a 1.9 percent increase over last December.
Currently there are 49 residential listings and 25 land listings in Cherry Hills Village and Greenwood Village. Kentwood Real Estate enjoys a 26 percent market share with 19 active listings.
The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 18 percent to $1,134,786 compared to December 2016, according to data gathered by Kentwood Real Estate. The average number of days on the market in December decreased 20.5 percent to 66, with closed sales volume totaling $9,078,289 for a 32.6 percent decrease over December last year. Closed residential sales decreased 42.9 percent to eight. The highest sold price was $2,350,000.
Condominium sales for Cherry Creek totaled five in December, which was a 50 percent decrease over December 2016, with an average sales price of $451,200. The highest sold price was $999,000. Closed condominium sales volume was $2,256,000 in December, a 63.4 percent decrease over December last year. Average days on the market for December was 50, which was an 8.7 percent increase over last year. There are currently 75 residential and condominium listings in Cherry Creek, with Kentwood Real Estate holding seven active listings.
“The Denver luxury market continues to be strong, with impressive numbers in the residential sector,” said Dawn Raymond of Kentwood Real Estate Cherry Creek. “But it’s the luxury condo market, with its limited supply and high demand, that’s showing the largest increase in sales volume and price year over year.”
There is currently a total of 439 detached listings and 504 attached listings in the City of Denver, with Kentwood Real Estate holding 94 active listings. Closed sales for detached residences totaled 593 in December, a 9.5 percent decrease over the same period last year. Closed sales volume was $302,193,517, a 1.1 percent decrease over last December. Average sales price was $509,601 for a 9.2 percent increase, and the highest sold price was $6,500,000, an increase of 91.7 percent. Average days on the market for detached residences was 33, a decrease of 15.4 percent.
Closed sales for attached homes totaled 495, which was an increase of 9.5 percent from last December. Closed sales volume was $207,426,873, an increase of 21.3 percent. The average sales price for attached residences was $419,044, and the highest sold price was $3,750,000, an 82.9 percent increase over December 2016. Average days on the market for attached homes in December was 101, which was a 106.1 percent increase from the same period last year.
“The Denver real estate market has been strongly influenced by inventory in 2017,” said Dee Chirafisi of Kentwood City Properties. “The number of detached homes that sold in 2017 was down due to lack of inventory. Resales of single-family home were down quite a bit. You will see that the average price has risen significantly, also due to lack of inventory. We did see a strong increase in the number of attached properties that sold in 2017. This is due to the increase in townhomes, condos, and duplexes that were built and delivered in 2017. The average price has also risen for detached homes. It is great to see new condo projects hitting the market after quite a few years of no new projects. Low inventory is really the most influential factor in Denver’s real estate market. There is quite a bit of pent up buyer demand. If a property owner is thinking of selling, this is a great time to do it.”
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.