The luxury real estate market remains robust in Colorado, with inventory increasing across the board in March- a welcome change from the declining inventory levels of luxury homes entering the market over the past several months. A strong first quarter is occurring based on Colorado’s improved local economy combined with climbing homeowner equity within the residential luxury market, which bodes well for the spring selling and buying season..
“Both inventory and sales took a big jump in the month of March,” said LIV Sotheby’s International Realty president, Scott Webber. “292 luxury listings came on the market and there were 119 sales. Although the average sales price dropped slightly, the average price per square foot continued its steady climb.”
In Denver metro, the number of luxury homes sold (sales over $1M) demonstrated a significant increase year-over-year and month-over-month, with 119 homes with a price tag of more than $1M sold in March 2017, over 73 sold in March 2016, a 63% increase, according to data released by LIV Sotheby’s International Realty and information based on information from REColorado. Month-over-month, 119 homes with a price tag of more than $1M sold in March 2017, over 57 sold in February 2017, a 109% increase.
Inventory increased with 42% more new listings entering the market year-over-year; 292 in March 2017 over just 206 in March 2016, and number of active listings increased by 10% in March 2017, to 760, up from 688 active listings in March 2016. Average price per square foot demonstrated a balance year-over-year at $420, and average selling price decreased slightly, 4%, year-over-year from $1.5M in March 2016 to $1.45M in March 2017.
The most expensive residential sale in March was a 9,603-square foot residence located at 14 Cherry Hills Drive, Cherry Hills Village, that sold for $6,000,000. LIV Sotheby’s International Realty double-sided the transaction, with Janet Kritzer representing the listing side and Linda Behr representing the buyer.
In March, Boulder County also experienced an increase in luxury sales year-over-year and month-over-month. Year-over-year 35 homes with a price tag of more than $1M sold in March 2017, over 26 sold in March 2016, a 35% increase according to information from IRES, LLC. Month-over-month, 35 homes with a price tag of more than $1M sold in March 2017, over 12 sold in February 2017, a significant, 192% increase.
Inventory increased with 109 new listings entering the market year-over-year in March, over just 65 new listings in March 2016, a 68% increase. The number of active listings increased by 15% in March 2017, to 212, up from 184 active listings in March 2016. Average sales price per square foot held at $1.44M year-over-year.
“After a relatively quiet January and February, March roared in like a lion,” said Boulder managing broker, David Carner, of LIV SIR. “109 new listings over $1M came on the market, and there were 35 listings sold – nearly triple the previous month in both sales volume and units sold. We’re seeing similar activity and interest in the luxury market as we did last spring, and economic factors driving intense demand for our area are not subsiding by any measure.”
The most expensive residential sale in March in Boulder was a 10,028-square foot residence located at 6549 Legend Ridge Traill, Niwot, CO, that sold for $2,550,000
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.