Denver Luxury Housing Market Demonstrates Increase in November

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Denver Luxury Housing Market Demonstrates Increase in November

The highest residential sale in November and YTD in Denver metro, 333 Milwaukee Street, Denver. Listed by LIV Sotheby’s International Realty broker, Jeff Hendley, for $7,000,000,

The number of luxury homes sold (sales over $1M) in the Denver metro market demonstrated a significant increase year-over-year compared to November 2015, according to a report released Friday by LIV Sotheby’s International Realty. In Denver metro, 96 homes with a price tag of more than $1M sold in November, over 57 sold in November 2015, a significant 68% increase, according to the monthly analysis based on information from REColorado.

“The number of luxury homes sold in Denver metro continues on a trajectory of upward growth in Colorado,” said LIV Sotheby’s International Realty president, Scott Webber. “As a company we have seen some of our most significant sales recently and we expect competition for the finest properties, in the most desirable locations, to be very competitive as we move into the New Year.”

In Denver metro, average selling price increased year-over-year and month-over-month, up 8% and 9% respectively. Average price per square foot held month-over-month at $404 in November 2016. Days on market decreased 2% year-over-year, from 105 days in November 2015, to 103 days in November 2016, an average timeframe for the luxury market.

The most expensive residential sale in November, and YTD in Denver metro, was a 7,751 square foot residence located at 333 Milwaukee Street in Cherry Creek, Denver, that was listed by LIV Sotheby’s International Realty broker, Jeff Hendley, for $7,000,000,

Boulder County experienced a significant increase in luxury sales, up 73%, year-over-year with 26 homes with a price tag of more than $1M sold in November 2016, over 15 sold in November 2015, according to the monthly analysis based on information from IRES, LLC. Average sales price increased 27% month-over-month from $1.58M in October 2016 to $2M in November 2016, a significant increase. Year-over-year, days on market decreased 24% from 109 days in November 2015 to only 83 days in November 2016, an accelerated time frame in the luxury market.

“For the average sales price of a luxury listing in Boulder to be $2,000,000, is extremely significant,” said Boulder managing broker, David Carner, of LIV SIR. “Boulder is an entrepreneurial and business paradise, and continues to draw people and capital with the promise of prosperity and growth.”

The most expensive residential sale in November, and YTD in Boulder, was a 6,315 square foot residence located at 1002 Mapleton Avenue, that was sold for $7,755,285.

Resort Update: In the resort communities of Eagle County (Vail, Beaver Creek, Avon), luxury numbers show signs of increase, up 13%, year-over-year with 34 homes with a price tag of more than $1M sold in November 2016, over 30 in November 2015 (statistics pulled from Vail Board of Realtors, MLS). Month-over-month, average price per square foot remained steady, holding at an average price of $601 per square foot.

In Summit County (Breckenridge, Keystone, Copper), luxury numbers increased both year-over-year and month-over-month with 26 homes with a price tag of more than $1M selling in November, up 13% respectively (statistics pulled from SAR, MLS). Month-over-month, average sales price increased slightly, up 5%, from $1.47M in October 2016 to $1.55M in November 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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