The luxury market in the Denver metro area enjoyed another month of strong sales even though sales saw a decrease over June 2017, which is very normal this time of year. With home values showing heavy increases, we are seeing more and more homes in the metro area attaining the million dollar mark.
Summer is winding down, kiddos are back at school, and most likely vacations have been taken. There still is time to enjoy BBQs with family and friends. Need a space for this? Would you like to upgrade this space?
Watching the sunsets is always a treat with a fire once the sun sets and starts getting cooler. With a few clouds, the sunsets can sure be stunning in Denver!
Days on market increased from 22 days in June to 33 days in July. The average sales price increased slightly from $1,292,500 to $1,390,000 in July.
There are 843 current active luxury listings in the Denver metro area with an average of 96 days on market. These homes listed were built from 1886 to 2018 (brand new construction). There are no short sales and two bank owned properties - one in Littleton listed at $1,615,000 and one in Greenwood Village for $1,634,900. There are 164 properties listed at $1 million and above under contract as of today.
Remember the Sleeper Home? This one is very unique in Evergreen also! Imagine having round walls!
**photo courtesy of REColorado
Looking at the sales in July 2017, there were no short sales and three bank owned properties sold, and 12 were new builds sold.
Here are the sales by City within the Denver metro area - (Boulder is not included)
Two homes remained on the market over 1000 days (2.73 years), but only four homes sold in July remained on the market longer than one year. On the flip side, 22 homes sold in less than one week. This is a quick turn around for a million dollar home! Some sold before hitting the market - showing zero days on market.
The highest sale in the Denver metro area was $4,800,000 and was located in Cherry Creek North. This home was built after the small home was removed and this home was built in 2011. It has 9.561 total square feet, 4 bedrooms, 6 bathrooms and a 3 car garage all on .29 acre, which sold in 27 8 days.
Here is the data for luxury home sales for the first half of 2017 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 showed the most sales of 189 (but that was including Boulder).
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 (which are not included in this report).