Kentwood Real Estate March 2018 Market Report
Posted by Douglas E. Lierle — April 9, 2018
DENVER, CO - Kentwood Real Estate has released the company’s comprehensive real estate statistics for March 2018 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 11.4 percent in March compared to the same period in 2017 with 127 closed sales, while luxury condo sales decreased 37.5 percent with five total sales compared to March 2017.
There is currently a total of 655 million dollar residential and condo listings in the metro Denver area, with Kentwood Real Estate holding a significant market share with 83 million-dollar listings. Closed sales volume for luxury residences was $192,391,834 in March, while closed sales volume for luxury condos was $7,811,000, a 15.7 percent decrease compared to March last year. Following are details for March 2018.
The average sales price for single-family luxury homes increased 3.5 percent in March to $1,514,896. Average days on the market decreased 28.2 percent to 84. Highest sold price was $4,975,000. There are a total of 601 active residential listings.
Luxury condominium sales in March averaged 267 days on the market, which was an increase of 172.4 percent over March 2017. The highest sold price was $2,700,000. There were 54 active luxury condominium listings. Closed sales volume year over year was $31,626,221, an increase of 69.9 percent over last year, while the average sales price year over year increased 18.9 percent to $1,581,311.
Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for March show the average sales price decreased 5.6 percent over last March to $1,811,587. Closed sales decreased 34.8 percent over March 2017. The highest sold price in March was $4,125,000, while the average number of days on the market decreased 41.9 percent to 54. Closed sales volume was $27,173,800, a 38.4 percent decrease over March last year. Average price per square foot was $416 for a 6.8 percent increase over last March.
Currently there are 62 residential listings and 23 land listings in Cherry Hills Village and Greenwood Village. Kentwood Real Estate enjoys a 27 percent market share with 23 active listings.
The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 26.4 percent to $1,370,429 compared to March 2017, according to data gathered by Kentwood Real Estate. The average number of days on the market in March increased 1.5 percent to 69, with closed sales volume totaling $9,593,000 for a 53.4 percent decrease over March last year. Closed residential sales decreased 63.2 percent to seven. The highest sold price was $2,695,000.
Condominium sales for Cherry Creek totaled five in March, which was a 16.7 percent decrease over March 2017, with an average sales price of $1,370,429. The highest sold price was $610,000. Closed condominium sales volume was $2,625,000 in March, a 31.1 percent decrease over March last year. Average days on the market for March was 36, which was a 16.1 percent increase over last year. There are currently 161 residential and condominium listings in Cherry Creek, with Kentwood Real Estate holding 86 active listings.
“The Cherry Creek market continues to see properties selling faster than a year ago and spending fewer days on the market with inventory levels being very similar to what they were in February,” said Soley Maria, a leading Broker Associate with Kentwood Real Estate Cherry Creek. “Looking at residential homes, the number of sales and sales volume are down significantly, both comparing year over year and year to date compared to 2017. Both average price and highest price sold for this category have a strong upward trend, with the exception of highest price for March, which is almost flat.
“The condo market in Cherry Creek shows a downward trend pretty much across the board for number of sales, volume, and prices,” Maria continued. “This can partially be explained by the fact that some of the condos representing the active inventory are still under construction and thus cannot close yet. I believe that the combination of the spring market and many of the construction projects getting closer to completion will see the Cherry Creek market appreciate across the board. Cherry Creek has been one of Denver’s most sought after neighborhoods for quality living, dining, and retail, and the renewed Cherry Creek will only enhance that, making now a great time to buy here before prices rise again.”
There is currently a total of 504 detached listings and 641 attached listings in the City of Denver, with Kentwood Real Estate holding 78 active listings. Closed sales for detached residences totaled 524 in March, a 1.2 percent increase over the same period last year. Closed sales volume was $216,183,111, a 6.29 percent increase over last March. Average sales price was $412,563 for a five percent increase, and the highest sold price was $2,799,000, an increase of 51.8 percent. Average days on the market for detached residences was 153, an increase of 200 percent.
Closed sales for attached homes totaled 622, which was a decrease of 9.3 percent from last March. Closed sales volume was $351,871,249, an increase of 5.3 percent. The average sales price for attached residences was $565,709, and the highest sold price was $4,975,000, an increase of 80.9 percent over March 2017. Average days on the market for attached homes in March was 21, which was a 22.2 percent decrease from the same period last year.
“The average sales price in Denver continues to reach record highs while average days on the market are at record lows,” said Stacy Neir, an accomplished real estate professional with Kentwood City Properties. “We see inventory increasing, but only slightly, and will hopefully continue to increase as the spring selling season approaches. The Denver market is still one of the hottest in the nation and I do not see any signs of cooling at this point.”
Pictured: Soley Maria, Broker Associate, Kentwood Real Estate Cherry Creek
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.