At the end of summer in Denver metro, the luxury home sales (sales over $1M) market remained strong in August. Levels of inventory are up year-over-year in Denver metro, indicating a favorable market for luxury home buyers. With an end-of-summer push to wrap up the luxury home purchase process in advance of the school year, an increased number of late-summer sales took place in the luxury market compared to last year.
“Luxury homes sales continue at a steady pace as we enter the autumn selling season,” said Scott Webber, president, of LIV Sotheby’s International Realty. “The number of new listings was up 30% year-over-year in August, meaning more options for Buyers, coupled with a continued-strong marketplace for Sellers, with the highest luxury home sale surpassing the $8M mark in August.”
In Denver metro, the number of luxury homes sold demonstrated increase year-over-year, with 125 homes with a price tag of more than $1M sold in August 2017, over 117 sold in August 2016, a 7% increase, according to data released by LIV Sotheby’s International Realty and based on information from REColorado. New inventory increased 30% year-over-year with 232 new listings entering the Denver market in August 2017, compared to 178 new listings in August 2016. The Average Price per square foot also increased, up 10% year-over-year, from $413 in August 2016, to $453 in August 2017, indicating a still-competitive market as we enter the fall selling season.
The most expensive residential sale in metro Denver, in August, was a 9,906 square-foot residence located at 466 Houndstooth Court, Highlands Ranch, CO, that sold for $8,116,000.
In August, the Boulder County luxury real estate market demonstrated balance. Though luxury homes sales decreased slightly year-over-year, down 8% from 39 homes selling in August 2016, to 36 homes sold in August 2017 (information from IRES, LLC), the market remains competitive.
The number of active listings increased 7% year-over-year, from 243 in August 2016 to 259 in August 2017. Average sales price rose 11%, from $1.53M in August 2016, to $1.71 in August 2017.
“Overall, the luxury market in Boulder continues to grow,” said Boulder managing broker, David Carner, of LIV SIR. “Average sales price has surpassed the $1.7M mark, indicating a strong Sellers’ market as we enter into fall.”
The most expensive residential sale in August, in Boulder County, was a 10,994-square foot residence located at 10135 N 75th St, Longmont, CO, that sold for $5,200,000. The sale was brokered by LIV Sotheby’s International Realty brokers, Jeff and Carliss Erickson.
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.