As days of summer begin to wind down, there is no lag in luxury home sales (sales over $1M), in Denver metro and Boulder. Levels of inventory are up year-over-year in both Denver metro and Boulder, indicating a still-favorable market for luxury home buyers. Continuing into the month of August, an increased number of buyers are out touring homes before the kids head back to school, which is leading to an increased number of late-summer sales in the luxury market compared to last year.
“Sales volume of homes over $1M demonstrated an 18% increase over last year, surpassing the $2B mark for the last twelve months- an all-time high,” said Scott Webber, president, of LIV Sotheby’s International Realty. “While inventory of active listings has increased steadily over the last six months, the number of listings sold has risen dramatically. Only in the last month have we seen a slight drop in listings sold, otherwise all other indicators point to a robust luxury market in the Mile High City.”
In Denver metro, the number of luxury homes sold demonstrated increase year-over-year, with 137 homes with a price tag of more than $1M sold in July 2017, over 125 sold in July 2016, a 10% increase, according to data released by LIV Sotheby’s International Realty and information based on information from REColorado. New inventory increased year-over-year with 247 new listings entering the Denver market in July 2017, compared to 203 new listings in July 2016, a 22% increase. The number of Days on Market decreased 9% year-over-year, indicating a still-competitive market as we enter the late summer selling season.
The most expensive residential sale in metro Denver, in July, was an 5,171 square-foot residence located at 1133 14th Street #3800, Denver, CO, that sold for $4,950,000. The sale was double sided by LIV Sotheby’s International Realty, with LIV SIR broker, Douglas D. Kerbs, representing the seller, and LIV SIR broker, Nancy Wolfe, representing the buyer.
In July, Boulder County experienced an increase in luxury sales both year-over-year and month-over-month. Year-over-year, 57 homes with a price tag of more than $1M sold in July 2017, over 46 sold in July 2016. Month-over-month, 57 homes with a price tag of more than $1M sold in July 2017, over 54 sold in June 2017, a 6% increase according to information from IRES, LLC.
New inventory increased 10% year-over-year with 91 new listings entering the market in Boulder in July 2017, compared to 83 new listings in July 2016. The average number of Days on Market held at 83 year-over-year, a slight 6% increase.
“The luxury market in Boulder continues to grow with new listings and total volume sold both increasing 18% in the last 12 months, said David Carner, vice president and managing broker for LIV SIR. “Last year there were 448 sales of homes over $1M, or about 37 per month on average. With a current inventory of 282 listings, we have about a 71/2 month supply of inventory, which is considered a very healthy absorption rate. Average time on the market for those properties that do sell remains about 90 days.”
The most expensive residential sale in July, in Boulder County, was a 13,000 -square foot residence located at 11229 N 75th Street, in Longmont, CO, that sold for $5,950,000.
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.