Autumn months saw an increased number of luxury home sales (sales over $1M) in the Denver metro and Boulder real estate market, due to luxury buyers’ continued desire to invest in Colorado’s vibrant economy, while also enjoying the benefit of being able to tour luxury homes among the pleasant weather the seemingly-extended 2017 fall season provided. In October, levels of inventory demonstrated increase year-over-year in Denver metro, indicating a favorable market for luxury home buyers. In Boulder, the number of luxury listings sold saw a 46% increase compared to last year, indicating that the luxury market continues at a robust pace. With luxury consumers’ growing confidence in Colorado real estate, the luxury market it projected to rise.
“October sales of luxury homes in the Denver Metro market jumped 35% in October to 136, further diminishing the supply of inventory that had been waning since June,” said Scott Webber, president, of LIV Sotheby’s International Realty. “The current inventory of homes listed for sale over $1M is at 832, and with an average of 120 listings selling each month – there is a 6.9-month supply. This time last year we had a 7.6-month supply. Anything under 6 months is considered a seller’s market, and we are trending in that direction.”
In Denver metro, the number of luxury homes sold demonstrated increase year-over-year, with 136 homes with a price tag of more than $1M sold in October 2017, over 102 sold in October 2016, a 33% increase, according to data released by LIV Sotheby’s International Realty and based on information from REColorado. New inventory increased 20% year-over-year with 180 new listings entering the Denver market in October 2017, compared to 150 new listings in October 2016. The Average Price per square foot also increased, up 6% year-over-year, from $271 in October 2016, to $287 in October 2017, indicating a competitive luxury marketplace as we continue into the late fall selling season.
LIV Sotheby’s International Realty brokers, Josh Behr and Linda Behr, represented the most expensive residential sale in metro Denver, in October; a 9,330 square-foot residence located at 32 Polo Club Circle, Denver, CO, that sold for $5,275,000.
In October, the Boulder County luxury real estate market demonstrated significant increase year-over-year, from 35 homes selling in October 2016, to 51 homes sold in October 2017 (information from IRES, LLC), up 46%.
The number of active listings held at 2% year-over-year, from 219 in October 2016 to 227 in October 2017. Average sales price rose 6%, from $1.57M in October 2016, to $1.66 in October 2017.
“Boulder saw a dramatic spike in luxury listings sold in the month of October, with 51 sales demonstrating a 70% increase over September,” said Boulder managing broker, David Carner, of LIV SIR. “New listings for the month of October were also at 51, and the overall inventory of homes over $1M stood at 227 at month end. Average Days on Market dropped -13% to 87 days, a further indication that there is more demand than supply in this fast-moving, competitive market, and prices will continue to rise for the foreseeable future.”
The most expensive residential sale in October, in Boulder County, was a 5,971 -square foot residence located at 427 Pine Street, Boulder, CO, that sold for $3,500,000.
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.
To access current market reports, visit www.coloradomarketreports.com. To list your home for sale with LIV Sotheby’s International Realty, please visit www.livsothebysrealty.com or call 303.893.3200.