The Colorado lifestyle, filled with fresh air, fantastic arts and entertainment, as well as endless outdoor adventures, is one that many dream of. The location, climate, and culture make living here luxurious. In addition to the amenities that make Colorado an ideal place to live, there are an array of stunning neighborhoods that house luxurious homes for every taste. From ski chalets to sky high condominiums to sprawling estates and everything in between, Colorado’s luxury housing market has it all.
LIV Sotheby’s International Realty (LIV SIR), Colorado’s leading luxury real estate brokerage, produces a quarterly Residential Luxury Report, comparing January through March of this year to the previous year, measuring the performance of luxury real estate markets, defined as homes priced at or over $1,000,000, in some of Colorado’s most popular communities.
Denver Metro, in particular, presents its residents with an exceptional balance of city and access to scenic spaces, which is why it has become such a popular destination for homebuyers to migrate to in search of their own personal paradise. For this reason, the Denver Metro luxury real estate market continues to show signs of stability and strength even during the uncertain times brought on by COVID-19, according to LIV SIR’s Q1 Residential Luxury Report .
Colorado’s capital city and surrounding communities kicked off 2020 with notable increases in important metrics such as total dollar volume sold and the number of properties sold. Across all counties (Adams, Arapahoe, Broomfield, Denver, Douglas, and Jefferson) total dollar volume sold increased by 17.3% in Q1 of 2020 compared to the same time frame in the previous year, reaching $616,416,613 in sales.
Denver Metro also saw an 18.2% increase in the number of properties sold during the first quarter of the year, rising from 341 luxury homes sold January through March of 2019 to 403 homes sold during January through March of this year. The average sale price for luxury homes in Denver Metro in the first quarter of 2020 was $1,529,570 and the average days on market for homes in this category was 70 days.
Several neighborhoods within Denver Metro experienced increases in the number of luxury properties sold. Cherry Creek North saw a significant rise in sold properties in Q1 of this year compared to Q1 of last year, increasing by 54.5%. During January through March of 2020, 17 luxury homes sold compared to the same time frame of last year when 11 luxury homes sold. The average sale price for the prestigious neighborhood of Cherry Hills Village (properties under one acre) showed one of the most notable rises, growing by 12.2% in a year-to-date comparison. Luxury homes set on less than one acre in this community sold for an average price of $1,852,714 in 2020.
Further illustrating the popularity of Denver Metro among homebuyers, the City of Denver saw a decrease in the time that luxury homes sat on the market during Q1. Luxury homes in this community spent an average of 57 days on the market, a 16.2% dip compared to last year. The demand for homes in this area has encouraged buyers to speed up their buying journey in order to secure their Denver dream home.
So far this year, LIV SIR has seen many significant sales in Denver Metro. The highest priced sale that a LIV SIR broker represented in the Metro Denver area during 2020 was the $6,620,000 sale of 8 Churchill Drive in Cherry Hills Village. This stunning estate was listed by LIV SIR broker, Janet Kritzer and sold in late February. The month of February also brought another impressive Cherry Hills Village sale. 4101 South Colorado Boulevard, which sold for $6,6250,000 was listed by LIV SIR broker, Linda Behr. Behr also represented the sellers of 1 Cantitoe Lane, also located in Cherry Hills Village, which sold in March for $4,297,000.
Keeping up to date with the latest local real estate market information helps consumers understand how to use the housing market to help them reach their real estate and lifestyle goals. To learn more about the luxury market in Colorado as well as how micro neighborhoods performed for all price points, visit coloradomarketreports.com.
For all of your real estate needs, contact LIV Sotheby’s International Realty by calling 303.893.3200 or visiting livsothebysrealty.com.