Based on Colorado’s continued popularity, general sentiment of post-election market stabilization and still-low interest rates, the first quarter of 2017 and the month of January, demonstrated that buyers are fast returning to purchasing in the luxury housing market throughout Denver metro, Boulder and the resort areas of Summit County and the Vail Valley.
“New listings came on the market at a quick pace in January, with almost 200 homes listed over $1M,” said LIV Sotheby’s International Realty president, Scott Webber. “There were 72 sales, and inventory increased for the first time in four months. Overall chances of selling remain only a little over 50%, with 2,251 new listings and 1,203 sales in the last twelve months, reinforcing the need for excellent marketing despite perceptions of the current “hot market”.”
In Denver metro, the number of luxury homes sold (sales over $1M) demonstrated a significant increase year-over-year, with 74 homes with a price tag of more than $1M sold in January 2017, over 64 sold in January 2016, a significant 16% increase, according to a report released by LIV Sotheby’s International Realty and information based on information from REColorado. Total sales volume increased 17% year-over-year from $104,738,302 in January 2016 to $122,601,230 in January 2017. Average price per square foot increased year-over-year and month-over-month, up 6% and 5% respectively. Days on market decreased 5% year-over-year, from 147 days in January 2016, to just 139 days in January 2017, an average timeframe for the luxury market, and average selling price increased month-over-month, up 19% from $1.38M in December 2016, to $1.65M in January 2017.
The most expensive residential sale in January was a 10,742 square foot residence located at 6917 Timbers Drive, Evergreen, that sold for $5.4M.
Boulder County also experienced an increase in luxury sales, up 24%, year-over-year with 26 homes with a price tag of more than $1M sold in January 2017, over 21 sold in December 2016, based on information from IRES, LLC. Average sales price held at $1.43 year-over-year, demonstrating balance in an already strong housing market. Month-over-month, days on market decreased 21% from 148 days in December 2016 to only 117 days in January 2017, a quick-selling time frame in the luxury market.
“Our short supply of inventory just made a big turnaround in January with 63 new properties on the market over $1M,” said Boulder managing broker, David Carner, of LIV SIR. “This will come in the nick of time for the busy spring selling season, if last year’s pattern is repeated. It’s already shaping up to be another record year with 422 properties sold in the last twelve months, or about 2/3 of a billion dollars in sales volume. This is a 21.5% increase from a year ago, and continues the steady trend of gains in the Boulder County luxury market since 2010.”
In the resort communities of Eagle County (Vail, Beaver Creek, Avon), luxury numbers show signs of increase, with several significant sales taking place at the onset of the new year, including the record-breaking sale of 107 Rockledge Road, sold by LIV Sotheby’s International Realty’s, The Stockton Group, for $23M- the highest residential listing ever sold in the Vail Valley. Year-over-year, 20 homes with a price tag of more than $1M sold in January 2017, over 16 homes sold in January 2016, a 25% increase. Average days on the market dropped 27% from 433 days in 2016 to 314 days in January 2017, a good time-frame in the luxury market (statistics pulled from Vail Board of Realtors, MLS). Year-over-year, average price per square foot increased 13%, from $869 in January 2016 to $985 in January 2017, a 13% increase.
In Summit County (Breckenridge, Keystone, Copper), luxury numbers increased significantly both year-over-year and month-over-month with 23 homes with a price tag of more than $1M selling in January 2017, up 156% over 9 homes sold in December 2016. Month-over-month, 23 homes sold in January 2017, over 18 homes sold in December 2016, a 28% increase (statistics pulled from SAR, MLS). Year-over-year, average price per square foot increased from $397 in January 2016 to $537 in January 2017.
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.