Denver’s Luxury Housing Market Demonstrates Increase in Maylivxmin
The number of luxury homes sold (sales over $1M) in the Denver metro market increased month-over-month, 27% when compared to April 2016, according to a report released Monday by LIV Sotheby’s International Realty. The luxury sector also increased year-over-year in May 2016, compared to May 2015, by 7%.
In Denver metro 114 homes with a price tag of more than $1M sold in May, over 90 sold in April 2016, according to the monthly analysis based on information from REColorado. Year-over-year, 114 homes with a price tag of more than $1M sold in May 2016, over 107 sold in May 2015. Increased consumer confidence, based on Colorado’s improved local economy and increasing homeowner equity, are the reasons behind the residential luxury market’s continued growth.
“Since the first of the year, both the number of new listings and new sales, have increased each month,” said LIV Sotheby’s International Realty president, Scott Webber. “The last twelve months have seen more than $175 million in total sales volume of properties over $1M – 28% more than the same period a year ago.”
In Denver metro, average selling price and average price per square foot held at $1.54M and $404 respectively, in May. Days on market dropped 15% month-over-month, from 116 days in May 2015, to 99 days in May 2016.
The most expensive residential sale in May in Denver metro was a 15,597 square foot residence located at 498 Houndstooth Court in Highlands Ranch that sold for $6,705,241.
Boulder County experienced an increase in luxury sales month-over-month with 47 sales in May 2016, over 35 homes sold in April 2016 (statistics pulled from IRES, LLC), a significant 34% increase. Year-over-year, 47 homes sold in May 2016, over 53 homes sold in May 2015, an 11% decrease. Days on market held at 98 days in May 2016, over 92 days in May 2015, down 7%.
“New listings of $1M+ properties are up for the second month consecutively, and inventory is rising, but not as steeply as the number of listings sold,” said Boulder managing broker, David Carner, of LIV SIR. “The increase in supply is not meeting the increase in demand, and that imbalance will continue to drive prices up.”
The most expensive residential sale in May was a 5,010 square foot residence located at 2241 4th St. in Boulder that sold for $3,950,000.
Resort Update: In the resort communities of Eagle County, luxury numbers show signs of slight decrease year-over-year. 27 homes with a price tag of more than $1M sold in May, 2016, over 34 in May 2015 (statistics pulled from Vail Board of Realtors, MLS). Days on market increased 28% month-over-month, from 253 days in May 2015, to 324 days in May 2016.
In Summit County, luxury numbers held year-over-year, with 15 homes with a price tag of more than $1M selling in May, 2016, over 16 selling in May 2016, a 6% decrease (statistics pulled from SAR, MLS). Days on market held at increased slightly year-over-year, from 204 days in May 2016, from 190 days in May 2016.
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.