When looking at real estate market trends, homes at the luxury price point may perform independently from the rest of the housing market. It is because of this difference in behavior that it is so important for home buyers and sellers that are involved in the luxury market to stay informed with the latest data in order to make informed decisions when it comes to their real estate goals.
LIV Sotheby’s International Realty (LIV SIR) produces a Year End Residential Luxury Report, comparing January through December 2019 statistics to the same time frame of 2018, to help buyers and sellers get a better picture of the state of the luxury housing market in Colorado. Analyzing this market for Colorado’s diverse neighborhoods, the statistics in this report show performance for single family homes and condos for Denver Metro homes price at or above $1,000,000.
Throughout 2019, the luxury home market in Denver Metro saw positive upticks in many metrics that help determine the health of the area’s real estate market. Across all counties (Adams, Arapahoe, Broomfield, Denver, Douglas, and Jefferson) total dollar volume sold increased by 18%, finishing out the year with $3,143,100,617 in sales. In 2019, 2,050 luxury homes sold in Denver Metro, a 17.5% increase from 2018 when 1,744 homes sold in the area. Average list price for luxury homes in the Denver Metro market remained basically the same in 2019 as 2018 and the average sale price for luxury homes increased by 0.4%. Last year, the average sale price for homes the luxury category was $1,533,220. The average days a luxury home in Denver Metro spends on the market fell in 2019, implying an increase in demand for luxury Denver Metro properties. The average days on market for homes in 2019 was 79 days, an 11.2% decrease from 2018 when the averages days on market was 89 days.
Out of all of the neighborhoods in Denver Metro, Cherry Creek North saw the largest increase in the number of properties sold. Over the course of 2019, 123 homes were sold in this community, which is a 108.5% increase from 2018 when just 59 homes were sold.
Cherry Creek North also saw the largest increase in the highest priced home sold in 2019. From 2018 to 2019, the highest price sold increased in Cherry Creek North by 84.7% due to the sale of 155 Steele Street which sold for $6,742,620 in June of 2019. This stunning penthouse residence at the luxury condominium building Laurel Cherry Creek, was listed by LIV SIR broker, Josh Behr. This three-bedroom, three-bathroom high-rise listing features relaxing outdoor decks with incredible views of the city and sunsets over the mountains.
Other neighborhoods saw beneficial increases as well. The average sale price in Polo Reserve rose by an impressive 38.1%, bringing the average sale price for homes in this neighborhood to $2,375,000 in 2019. Homes in Spruce Meadows spent the least amount of time on the market during 2019, with the average days on market for luxury listings in this community being just 22 days as compared to 2018 when the average days on market was 64 days.
LIV SIR also measures the performance of other communities and their luxury markets including the Foothills, Boulder, Summit County, the Vail Valley, Crested Butte, and Telluride. To learn more about the luxury market in Colorado as well as how micro neighborhoods performed for all price points, visit coloradomarketroreports.com.
LIV Sotheby’s International Realty is Colorado’s leading luxury real estate firm with an emphasis on lifestyle. For all of your real estate needs, contact LIV Sotheby’s International Realty by calling 303.893.3200 or by visiting livsothebysrealty.com.