Denver, Boulder and Resort Markets’ Luxury Housing Market Demonstrates Increase Year-Over-Year in September

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18 Cherry Hills Park Drive, Cherry Hills Village, Colorado. Listed by LIV Sotheby’s International Realty for $4.9M.

Denver, Boulder and Resort Markets’ Luxury Housing Market Demonstrates Increase Year-Over-Year in September

The number of luxury homes sold (sales over $1M) in the Denver metro market demonstrated an increase year-over-year compared to September 2015, according to a report released Friday by LIV Sotheby’s International Realty. In Denver metro, 97 homes with a price tag of more than $1M sold in September, over 83 sold in September 2015, according to the monthly analysis based on information from REColorado.

“While the inventory of luxury homes on the market has remained high, and the year-over-year number of sales has increased, the monthly rate of sales have decreased in the last three months. The result has been the return of a more balanced market,” said LIV Sotheby’s International Realty president, Scott Webber. “The trend of rising prices is unlikely to be reversed, but the frenzied pace of the summer selling season has waned, benefitting buyers with more choice, and fewer lost opportunities due to the competition.”

In Denver metro, average selling price held year-over-year and month-over-month at $1.5M. Average price per square foot increased year-over-year from $390 in September 2015 to $440 in September 2016. Days on market held at 95 month-over-month, an average timeframe for the luxury market.

The most expensive residential sale in September in Denver metro was a 3,392 square foot residence located at 250 Columbine Street #703, Denver, CO, that was sold for $3,695,000

Boulder County experienced a slight increase in luxury sales, up 6%, year-over-year with 18 homes with a price tag of more than $1M sold in September 2016, over 17 sold in September 2015, according to the monthly analysis based on information from IRES, LLC. Average sales price increased both year-over-year and month-over-month from $1.45M in September 2015 to $1.9M in September 2016. Month-over-month, average sales price rose from $1.53 in August 2016 to $1.9 in September 2016. Days on market increased slightly month-over-month, rising from 97 days in August 2016 to 107 days in September 2016, both average list times in the luxury market.

“In the last twelve months, there have been 804 new listings over $1M, and 401 sales – about a 50% chance of selling overall,” said Boulder managing broker, David Carner, of LIV SIR. “In the last three months, the rate of sales per month has gone from a high of 70 to just 18 last month, and inventory is expected to rise.  Accordingly, time on market will increase, and the upward pressure on appreciation will lessen, but not significantly enough to reverse the trend.  Total sales volume is up 26% year-over-year.”

The most expensive residential sale in September was an 8,051 square foot residence located at 8165 N 73rd St, Longmont, that was sold for $6,250,000.

Resort Update: In the resort communities of Eagle County (Vail, Beaver Creek, Avon), luxury numbers show signs of increase both year-over-year and month-over-month. 55 homes with a price tag of more than $1M sold in September 2016, over 45 in September 2015 (statistics pulled from Vail Board of Realtors, MLS). Month-over-month, 55 homes sold in September 2016, over 38 in August 2016, a significant, 45% increase. Average price per square foot increased year-over-year, from $603 in September 2015 to $746 in September 2016.

In Summit County (Breckenridge, Keystone, Copper), luxury numbers show signs of significant increase both year-over-year and month-over-month. 34 homes with a price tag of more than $1M sold in September 2016, up 31% from 26 homes in September 2015. Month-over-month, 34 homes were sold in September 2016, up 70% over 20 homes sold in August 2016 (statistics pulled from SAR, MLS). Average sales price decreased slightly, down 13%, year-over-year and month-over-month, from $1.5M in September 2015 to $1.34M in September 2016.  Month-over-month average sales price fell from $1.53M in August 2016 down to $1.34M in September 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.

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