The luxury real estate market remains robust in Colorado despite slight decreases in the number of luxury sales from the prior month. An interesting trend, is that February saw increased inventory- a change from the declining inventory of luxury homes entering the market over the past several months. According to the latest S&P/Case-Shiller Home Prices report, metro Denver home-resale prices rose by 8.9 percent in December from a year earlier, an incentive for people to sell.
“Despite low inventory across the board in metro Denver, an almost 25% increase in new listings came on the market in February 2017, over February 2016, with 187 homes listed over $1M,” said LIV Sotheby’s International Realty president, Scott Webber. “There were 57 sales, and with inventory increasing for the first time in five months- a strong spring selling season is on the horizon.”
In Denver metro, the number of luxury homes sold (sales over $1M) demonstrated a slight decrease year-over-year, with 57 homes with a price tag of more than $1M sold in February 2017, less than 62 sold in February 2016, an 8% decrease, according to a report released by LIV Sotheby’s International Realty and information based on information from REColorado. An interesting statistic is that 24% more new listings came on the market year-over-year, 187 in February 2017 over just 151 in February 2016. Average price per square foot demonstrated a balance year-over-year at $400, and average selling price decreased slightly, 4%, year-over-year from $1.56M in February 2016 to $1.49M in February 2017.
The most expensive residential sale in January was a 9,164 square foot residence located at 4475 South Downing Street, Cherry Hills Village, that sold for $3,985,000.
In February, Boulder County also experienced a slight decrease in luxury sales. Year-over-year 12 homes with a price tag of more than $1M sold in February 2017, over 16 sold in February 2016, based on information from IRES, LLC. Average sales price increased year-over-year, rising from $1.39M in February 2016 to $1.47M in February 2017, a 5.6% increase. Month-over-month, days on market decreased 59% from 117 days in January 2017 to only 48 days in February 2017, a quick-selling time frame in the luxury market.
“With days on market decreasing 59% month-over-month from 117 days in January 2017 to only 48 days in February 2017, we are thrilled with a quick-selling time frame for properties on the market over $1M in the luxury market,” said Boulder managing broker, David Carner, of LIV SIR. “If last year’s pattern is repeated, this will come in the nick of time for the busy spring selling season..”
The most expensive residential sale in February in Boulder was a 5,419 square foot residence located at 3031 5th St, Boulder, that sold for $2,450,000.
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.