The luxury market in the Denver metro area is enjoying strong sales and saw another increase in sales over the previous month. With home values showing heavy increases, we are seeing more and more homes in the Metro Area attaining the million dollar mark.
It is the time of year we all love to spend time outdoors and enjoy the back patio, have you thought about upgrading your outdoor space for entertaining?
Days on market decreased slightly from 33 days in April to 29 days in May. The average sales price remained the same at $1,275,000 between April and May 2017.
There are 822 current active luxury listings in the Denver Metro area, with an average of 80 days on market. These homes listed were built from 1886 to new construction. There are no short sales and no bank foreclosures on the market currently. There are 227 properties listed at $1million and above under contract as of today.
Looking for a home a top a mountain?
Looking at the sales in May 2017, there was one short sales sold, and no bank foreclosures sold, with 13 new builds sold.
Here are the sale by City within the Denver metro area -
(Boulder is not included)
One home remained on the market for over two and a half years. Only 7 of the homes sold in May remained on the market longer than one year. On the opposite end of the spectrum, there were 40 homes that sold in less than a week. A couple of these homes were sold prior to hitting the market, and were entered into MLS only for appraisal purposes. That is a serious amount of homes sold quickly!
The highest sale in the Denver metro area was $5,850,000 in Denver Country Club high on a hill with excellent views and sold in 16 days and was built in 2005. This custom home has 11,716 total square feet with five bedrooms, nine bathrooms and a 3 car garage all located on .36 lot with a serene setting.
Here is the data for luxury home sales for the second half of 2016 to show the comparable activity month by month at a glance. As expected, the summer is the time most homes (including luxury homes) are sold. Sales in the month of July 2017 surpassed every month in sales for a few years. Even with Boulder removed, we almost surpassed this number for the month May 2017. (With Boulder being removed, as we no longer are able to get this data, sales will show a decrease.)
If you are looking to buy or sell a luxury home in the Denver metro area, please give me a call, or if you like any information on attached luxury homes (which are not included in this report).