Denver’s Luxury Housing Market Demonstrates Increase Year-Over-Year in July

The number of luxury homes sold (sales over $1M) in the Denver metro market in July demonstrated a 12% increase compared to July 2015, according to a report released by LIV Sotheby’s International Realty. The luxury market is demonstrating a steady, but not frenzied, market. Sales volume for the last twelve months is up from the previous year, but with only a slight increase in listings sold.

Over the last twelve months, total sales volume has increased 24%, and the number of luxury properties sold has exceeded 1,123, over 926 total listings sold in the previous twelve months.

In Denver metro 125 homes with a price tag of more than $1M sold in July, over 112 sold in July 2015, according to the monthly analysis based on information from REColorado. In Denver metro, average selling price stood at $1.49M, and average price per square foot decreased month-over-month, down 1% from $406 in July 2016, from $408 in June 2016. Days on market increased slightly year-over year from 90 days in July 2015 to 101 in 2016, a 12% increase.

The most expensive residential sale in July in Denver metro was a 15,652 square foot residence located at 1681 East Cedar Avenue, Denver, listed for $5,500,000.

Boulder County experienced a slight increase in luxury sales year-over-year, with 46 sales in July 2016, over 44 homes sold in July 2015, a 5% increase (statistics pulled from IRES, LLC). Year-over-year, days on market dropped from 86 days in July 2015, to 78 days in July 2016.

“Year-over-year sales volume in the last 12 months is up 23%, and now tops $600M,” said Boulder managing broker, David Carner, of LIV SIR. “The number of listings sold in July was down from a peak in June, but at 46 was still higher than 10 of the last 12 months. Inventory of active listings inched higher to 240, but is still very low overall.”

The most expensive residential sale in July in Boulder was a 10,466 square foot residence located at 19 Arrowleaf Court, Boulder, listed for $5,650,000.

Resort Update: In the resort communities of Eagle County, luxury numbers show signs of slight increase year-over-year. 27 homes with a price tag of more than $1M sold in July, 2016, over 26 in July 2015 (statistics pulled from Vail Board of Realtors, MLS).
Month-over-month, days on market dropped significantly, down 42% from 370 days in June 2016, to 216 days in July 2016. Average sales price increased month-over-month from $2.1M in June 2016 to $2.3M in July 2016, up 8%.

Summit County experienced a significant increase in luxury sales month-over-month, and year-over-year, with 23 sales in July 2016, over 15 homes sold in June 2016, a significant 53% increase, and 23 sales in June 2016, over 16 homes sold in July 2015, a 44% increase (statistics pulled from SAR, MLS). Month-over-month, days on market dropped significantly from 138 days in June 2016, to 73 days in July 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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