The luxury real estate market is showing healthy signs of growth as we enter the summer selling season. Levels of inventory are up year-over-year in both Denver metro and Boulder, indicating a favorable market for luxury home buyers. With warm, sun-drenched days continuing into the month of June, more buyers are out touring homes, which is demonstrating more early summer sales in the luxury market compared to last year.
In Denver metro, the number of luxury homes sold (sales over $1M) demonstrated a significant increase year-over-year and month-over-month, with 155 homes with a price tag of more than $1M sold in May 2017, over 116 sold in May 2016, a 34% increase, according to data released by LIV Sotheby’s International Realty and information based on information from REColorado. Month-over-month, 155 homes with a price tag of more than $1M sold in May 2017, over 128 sold in April 2017, a 21% increase.
The most expensive residential sale in May was a 11,716 square-foot residence located at 1991 East Alameda Avenue #6, Denver, CO, that sold for $5,850,000. LIV Sotheby’s International Realty broker, Douglas D. Kerbs, represented the sellers in the sale.
In May, Boulder County also experienced an increase in luxury sales year-over-year and month-over-month. Year-over-year 63 homes with a price tag of more than $1M sold in May 2017, over 49 sold in May 2016, a significant 29% increase according to information from IRES, LLC. Month-over-month, 63 homes with a price tag of more than $1M sold in May 2017, over 43 sold in April 2017, a significant 47% increase.
New inventory increased year-over-year and month-over-month with 131 new listings entering the market in May 2017, compared to 111 new listings in May 2016, an 18% increase. Month-over-month, 131 new listings entered the market in May 2017, compared to 98 new listings that entered the market in April 2017, a significant 34% increase. The number of Days on Market dropped 50 percent year-over-year, from 127 days in May 2016 to just 63 days in May 2017. Average sales price increased year-over-year from $1.48M in May 2016 to $1.5M in May 2017.
“As we enter the summer selling season, the luxury market continues to demonstrate growth in Boulder, with no signs of slowing down,” said Boulder managing broker, David Carner, of LIV SIR. “We’re seeing similar activity and interest in the luxury market as we did last summer, and economic factors driving intense demand for our area are not subsiding by any measure.”
The most expensive residential sale in May in Boulder was a 5,290-square foot residence located at 506 Juniper Avenue, Boulder, CO, that sold for $3,200,000.