Denver’s Luxury Housing Market See’s Slight Growth Year Over Year in Octoberlivxmin
The number of luxury homes sold (sales over $1M) in the Denver metro market in October showed signs of growth over October 2014, according to a report released Monday by LIV Sotheby’s International Realty. A continued strong 2015 is projected based on Colorado’s strong local economy combined with climbing homeowner equity within the residential luxury market.
In Denver metro 76 homes with a price tag of more than $1M sold in October, down -6% percent from September, and up 6% year-over-year, according to the monthly analysis based on information from REColorado.
“Although the number of sales monthly has decreased, we are still seeing significant activity in the market,” said LIV Sotheby’s International Realty president, Scott Webber. “Inventory remains relatively high, with just under 900 properties on the market. Year-to-date, there have been 981 sales, and it’s likely that the Denver metro area will see over 1,000 properties sold over $1M in 2015.”
The average selling price held at $1.58M in October, demonstrating a 1% increase from September, and an increase of 15% year-over-year.
In Denver metro, the average days on the market decreased to 83 days in October, a slight, 1% decrease, from the 84-day average set in September.
Boulder County experienced a large increase in luxury sales, with 37 homes with a price tag of more than $1M selling in October, up 118% from September (statistics pulled from IRES, LLC).
“October was a great month with more than double the number of sales in September,” said Boulder managing broker, David Carner, of LIV SIR. “Inventory has remained steady for the last six months, and is currently at 360 active listings. Year-to-date, there have been 358 sales, which is 40% more than there were this time last year. It is likely inventory will diminish in the coming months, and as a result, average days on market will continue to (now 88 days) , and the sold price-to-list price ratio will continue to rise (now 97%).”
The average selling price in Boulder stood at $1.49M in October, up 3 percent from September, and up 2% percent year-over-year. The most expensive residential sale in October was a 6,174 square foot residence located at 3055 Lafayette Dr., for $3.07M, with 4 beds, 5 baths.
Resort Update: In the resort communities of Eagle County, luxury numbers show signs of decrease with 29 homes with a price tag of more than $1M sold in October, down 17% year over year (statistics pulled from Vail Board of Realtors, MLS).
In Summit County, luxury numbers also show signs of increase with 25 homes with a price tag of more than $1M sold in October, up 19% year-over-year (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.