Getting your player ready...
The number of luxury homes sold (sales over $1M) in the Denver metro market in November showed signs of balance compared to November 2014, according to a report released Monday by LIV Sotheby’s International Realty. A strong fourth quarter is projected based on Colorado’s improved local economy combined with climbing homeowner equity within the residential luxury market.
In Denver metro, 56 homes with a price tag of more than $1M sold in November, identical to the number sold in November of last year, according to the monthly analysis based on information from REColorado. “The luxury market in metro Denver is as active as it was in 2014, and signs are promising for an even busier 2016,” said LIV Sotheby’s International Realty president, Scott Webber. “The inventory of homes over $1M has dropped 16 percent in the last month, reflecting a seasonal drop expected for this time of year. However, by the end of December, we will see just over 1,000 properties sold in the last 12 months – which is 25 percent more than last year. The highest price sale was an $11M property consisting of nearly 15 acres in Cherry Hills Village. The buyer was brought by LIV Sotheby’s International Realty broker, Susie Dews.” The average selling price increased to $1.47M in November, demonstrating a 2-percent increase year-over-year. In Denver metro, the average days on the market decreased to 89 days in November, a significant, 33-percent decrease from the 133-day average in November, 2014. Boulder County experienced a decrease in luxury sales, with 15 homes with a price tag of more than $1M selling in November, down 44 percent from November, 2014 (statistics pulled from IRES, LLC), but a large increase in selling price. The average selling price in Boulder jumped to $2.22M in November, up 57 percent from November, 2014 and up 49 percent month-over-month. The most expensive residential sale in November was a 5,588-square-foot residence located at 4651 Eldorado Springs Dr, Boulder, for $6.3M, with four beds, six baths. “The supply of homes for sale over $1M in Boulder dropped 20 percent last month to 287 properties on the market,” said Boulder managing broker, David Carner, of LIV SIR. “This “trough” is seasonal, and very much expected for this time of year. The overall market for luxury properties is up about 30 percent this year, with the number of properties sold approaching 400 for 2015, and already well over $500M in total sales volume. That’s roughly one-third the size of the overall Denver metro luxury market.”
