Denver’s Luxury Housing Market See’s Growth in June

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Denver’s Luxury Housing Market See’s Growth in June

The number of luxury homes sold (sales over $1M) in the metro Denver market in June increased from both the prior month and June 2014, according to a report released Monday by LIV Sotheby’s International Realty. Colorado’s strong local economy combined with climbing homeowner equity, indicate a continued strong 2015 for the residential luxury market.

In metro Denver 130 homes with a price tag of more than $1M sold in June, up 23 percent from May, and 43 percent year-over-year, according to the monthly analysis based on information from REColorado.

“The summer luxury market is really heating up,” said LIV Sotheby’s International Realty president, Scott Webber. “Buyers need to know that even in the luxury market, there is ample competition that may be vying for the same property. In order to be successful, a competitive bid needs to be strong financially, but sometimes also aggressive, and creative. For many sellers, today’s strong buyer demand is an opportunity to successfully market a property in a luxury market that only comes around every few years.”

The average selling price stood at $1.4M in June, down 11 percent from May.

In Denver metro, the average days on the market decreased from 116 days to 91 days. A 22% decrease, down from the 116-day average set in May and slight increase from the 81-day average from June 2014.

Boulder County experienced a slight decrease in luxury sales, after an above average May. 33 homes with a price tag of more than $1M sold in June, down 38 percent from May and 10 percent year-over-year (statistics pulled from IRES LLC).

“The interest in Boulder’s luxury market is continuing at a very steady pace,” said Boulder managing broker, David Carner, of LIV SIR. “With 33 sales of properties over $1M in the month of June, and an unprecedented number of sales in May, I fully expect to see over 300 sales of residential properties over $1M in Boulder County in 2015.”

The average selling price in Boulder stood at $1.4M in June, down 9 percent from May, and up 9 percent year-over-year. The most expensive home sold for $2.87M, according to the report, which was a 4-bedroom, 6-bathroom single family home with 6,204 square feet.

Resort Update: In the resort community of Eagle County, luxury numbers show signs of growth with 26 homes with a price tag of more than $1M sold in June, down 19 percent from May and up 44 percent year-over-year (statistics pulled from Vail Board of Realtors, MLS).

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. For more information, contact LIV Sotheby’s International Realty public relations manager, Brittanny Havard, at 303.486.3738¬. To service all of your real estate needs visit www.livsothebysrealty.com.

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