The luxury market in the Denver metro area saw a slight dip in luxury home sales for the month of December, which is normal for the Holiday season. We are seeing many more cities across the metro area attaining the million dollar mark with the home values increasing. Are you looking for a view from every window in your home? **Photo courtesy of REColorado
Days on market increased from 81 days in November to 89 in December. The average sales price decreased from $1,334,670 to $1,226,484. (Homes in this report are derived from homes listed over the price of $1 million.)
There are 685 current active luxury listings in the Denver Metro area, which is a slight increase over last month's active listings (679), which is normal after the Holidays are over. There are no short sale properties available and one bank foreclosure available. ($1,485,000 in Hilltop - Denver) There are 151 properties listed at $1 million+ under contract as of today.
Are you looking for a kitchen that is the gathering spot for a family gathering?
** Photos courtesy of REColorado
Looking at the sales in December 2016, there were no short sales and no bank foreclosures sold with eleven new builds sold.
Here are the sales by City within the Denver metro area -
We are seeing more and more cities around the Denver Metro area seeing $1,000,000 sales and as home values increase.
Only five homes remained on the market for longer than a year, with one home lingering for over just over three years in Lakewood. On the opposite end of the spectrum, there were nine homes that sold in less than a week. THIS EQUATES TO 1% of the luxury market sold in December went under contract in less than a week! (this number severely decreased, as we have seen 15-20% over the last several months on a consistent basis.) Each month we see a few homes were sold without being put into MLS, and entered only for appraisal purposes. Homes in the luxury market are still moving quickly!
**Photo courtesy of REColorado
The top sale in Denver this month was a gorgeous home originally built for the founder of Chipolte in the Denver Country Club and sold for $3,390,879 that was built in 2001. The home has 4 bedrooms, 5 bathrooms, 4,838 total square feet with a 3 car garage on .29 acres. This home was sold in 111 days.
Here is the data for luxury home sales for the 2016 to-date 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 June 2016 surpassed every month in sales for a few years.
If you are looking to buy or sell a luxury home in the Denver metro area, please give me a call, or if you would like any information on attached luxury homes!