Denver’s Luxury Housing Market See’s Slight Increase in August

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4603 S Denice Drive, Cherry Hills Village, $6,345,000. Listed by: Jeff Hendley & Nancy Wolfe of LIV Sotheby’s International Realty.

Denver’s Luxury Housing Market See’s Slight Increase in August

The number of luxury homes sold (sales over $1M) in the Denver metro market in August showed signs of growth over August 2014, according to a report released Monday by LIV Sotheby’s International Realty. A continued strong third quarter is projected based on Colorado’s continuously improving local economy combined with climbing homeowner equity within the residential luxury market.

In Denver metro 103 homes with a price tag of more than $1M sold in August, down -6% percent from July, and up 21% year-over-year, according to the monthly analysis based on information from REColorado.

“The inventory of homes over $1M now stands at 884 after 8 continuous months of growth,” said LIV Sotheby’s International Realty president, Scott Webber. “At the same time, the number of properties sold has declined in each of the last 3 months, so the market has cooled just a bit. This is reflected in a slight drop in average sold price to list price ratio, which now stands at 93%. The overall business transacted is still rising, however, and total sales volume is up 19% year over year.”

The average selling price was $1,453,386 in August, a slight decrease of 7% from July.

In Denver metro, the average days on the market remained steady at 91 days in August, a 1% decrease from the 90-day average set in July.

Boulder County’s luxury sales continued to increase year-over-year, with 344 homes with a price tag of more than $1M selling in the last 12 months, up 34% from the previous 12 month period which saw 256 sales (statistics pulled from IRES LLC).

“The overall growth in the market for homes over $1M is very encouraging,” said Boulder managing broker, David Carner, of LIV SIR. “We are fortunate to live and work in a place that is highly sought after, and with many local limitations on growth, demand continues to outpace supply. Therefore, we see prices rising, days on market are relatively low (about 90 days on average), and the average sales price to list price ratio is 98%. Many homes that come to market receive multiple offers and sell over the full listed price.”

The most expensive residential sale in August was a 5 bed 9 bath, 8,623 square foot home on 2.46 acres for $2.45M.

Resort Update: In the resort community of Eagle County, luxury numbers show signs of significant increase with 27 homes with a price tag of more than $1M sold in ulAugust, up 69% year over year (statistics pulled from Vail Board of Realtors, MLS).

In Summit County, luxury numbers also show signs of dramatic increase, up 67%, with 25 homes with a price tag of more than $1M sold in August, over 15, in July (statistics pulled from SAR, 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.
4603 S Denice Drive, Cherry Hills Village, $6,345,000. Listed by: Jeff Hendley & Nancy Wolfe of LIV Sotheby’s International Realty.

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