Brokerage reports strong luxury home sales year-over-year in November

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Brokerage reports strong luxury home sales year-over-year in November

A report released Wednesday by LIV Sotheby’s International Realty, indicated that both the Denver metro and Boulder luxury real estate market enjoyed an extended fall selling season in 2017, based on the increased number of luxury home sales (sales over $1M) that took place in November. Additionally, the brokerage is credited with capturing the top four luxury home sales in Denver metro in the month of November, indicating consumers’ continued desire to invest in luxury real estate in Colorado, and confidence in working alongside a globally recognized real estate brand when purchasing a luxury home.

“At $2.25 billion in total sales volume for the last twelve months, the Denver luxury market is stronger than it’s ever been,” said Scott Webber, president, of LIV SIR. “While inventory of active listings has decreased steadily over the last four months, the number of listings sold per month has stayed over 100 for each of the last 9 months.”  

In Denver metro, the number of luxury homes sold demonstrated increase year-over-year, with 122 homes with a price tag of more than $1M sold in November 2017, over 102 sold in November 2016, a 20% increase, according to data released by LIV Sotheby’s International Realty and based on information from REColorado.  New inventory increased 29% year-over-year with 126 new listings entering the Denver market in November 2017, compared to only 98 new listings in November 2016. The Average Price per square foot also increased, up 11% year-over-year, from $400 in November 2016, to $442 in November 2017, indicating a competitive luxury marketplace.

The top four luxury home sales in Denver metro in November are credited to agents with Colorado brokerage, LIV Sotheby’s International Realty. Adam Moore, represented the most expensive residential sale in metro Denver, in November; a 5,210 square-foot residence located at 1133 14th Street #4300, that sold for $5,300,000. Following that sale, LIV Sotheby’s International Realty brokers, Susie Dews, Jeff Hendley, and Rochelle McNaughton, represented the three consecutive top sales. Dews and Hendley represented the $4,500,000 sale of 5550 South Steele Street, in Greenwood Village. Dews also represented the $3,670,000 sale of 4710 South Downing, in Cherry Hills Village. Rochelle McNaughton represented the $3,650,000 sale of 4 Cherry Hills Farm Court- also in Cherry Hills Village.

In November, the Boulder County luxury real estate market demonstrated a 19% increase year-over-year, with 27 homes selling in November 2016, rising to 32 homes sold in November 2017 (information from IRES, LLC). Year-over-year, the number of new listings decreased 19%, however, from 31 in November 2016 to just 25 in November 2017. Average sales price dropped 31%, from $2M in November 2016, to $1.39 in November 2017.

“Several indicators are down as they would typically at this time of the year for the Boulder Market,” said Boulder managing broker, David Carner, of LIV SIR. “The number of listings sold (32) and the number of new listings (25) to the market are at the lowest level they’ve been all year.  Also, average days on market is up, and average sale price has dropped (mainly due to one very big sale last year).  The Federal Government’s Home Price Index shows that Boulder is now the 57th metropolitan statistical area in terms of appreciation (down from #1 in the country this time last year), and we actually had a slight decrease in average price for the third quarter of 2017 – the first quarterly price drop in several years.”

The most expensive residential sale in November, in Boulder County, was a 5,324 -square foot residence located at 933 Forest Ave, Boulder, CO, that sold for $2,350,000.

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.

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