Getting your player ready...
The number of luxury homes sold (sales over $1M) in the Denver metro market in January demonstrated an 83 percent increase compared to January 2015, according to a report released Monday by LIV Sotheby’s International Realty. A strong first quarter is occurring based on Colorado’s improved local economy combined with climbing homeowner equity within the residential luxury market.
In Denver metro 64 homes with a price tag of more than $1M sold in January, over 35 sold in January of last year, according to the monthly analysis based on information from REColorado. “We saw a big jump in activity in the month of January, with nearly double the number of sales last month compared to January of last year,” said LIV Sotheby’s International Realty president, Scott Webber. “The average price per square foot was up 8 percent year-over-year, and the inventory hovered at just over 600 listings.” The average selling price increased to $1.63M in January, demonstrating a 20 percent increase year-over-year. In Denver metro, average price per square foot increased to $414 in January, an 8% increase from the $383 in January, 2015. Boulder County experienced an astounding one hundred percent increase in luxury sales, with 22 homes with a price tag of more than $1M selling in January, over 11 selling in January, 2015 (statistics pulled from IRES, LLC). Year over year, average sales price of luxury sales in Boulder held at $1.42M. “Both total sales volume and properties sold in the last twelve months are up about 1/3 from the same period last year,” said Boulder managing broker, David Carner, of LIV SIR. “Meanwhile, inventory remained flat at about 250 properties on the market over $1M in Boulder County. As net migration and job growth continues to increase, there is nothing in the economic forecast to indicate our market will be slowing anytime soon.” The most expensive residential sale in January was a 7,897 square foot residence located at in the Devil’s Thumb neighborhood in south Boulder that sold for $3,100,000. Resort Update: Month over month, in the resort communities of Eagle County, luxury numbers show signs of slight decrease with 16 homes with a price tag of more than $1M sold in January, 2016, compared to 29 homes sold in December, 2015 (statistics pulled from Vail Board of Realtors, MLS).
