The luxury market in the Denver metro area saw another month of strong sales even though sales saw a decrease over August 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. Across the country, a luxury home has different criteria. Some smaller markets, a $500,000 home with upgrades throughout, (crown moulding, kitchen with all the bells & whistles and upgraded cabinetry, spa like remodeled bathrooms, upgraded base trim, lighting) and the list can go on and on. In Denver a home listed above a million does not always mean the interior has had those upgrades throughout. Depending on the part of town, and if the home is on acreage with views, it could be listed at a million. For my monthly reports, if the home is listed at $1 million and above, it is included in this report.
Fall temperatures are here, leaves are falling with the wind kicking up (and storms blowing in) and real estate is slowing down. Denver has seen the first snowfall, and cooler weather is in the forecast. Football is in full swing, and some are thinking of a area where they can invite friends over to enjoy games.
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!
** Photo courtesy of RE Colorado
Days on market increased from 45 days in August to 52 days in September. The average sales price decreased slightly from $1,375,000 to $1,275,000 in September.
There are 777 current active luxury listings in the Denver metro area with an average of 120 days on market. These homes listed were built from 1886 to 2018 (brand new construction). There are no short sales, and one bank owned property available in Greenwood Village and priced at $1,399,000. There are 181 properties listed at $1 million and above under contract as of today.
Thinking of buying a ranch with acreage? Here is a property in Sedalia with 10 acres, listed at $1,995,000.
**photo courtesy of REColorado
Looking at the sales in September 2017, there were no short sales and one bank owned property sold, and 5 were new builds sold.
Here are the sales by City within the Denver metro area - (Boulder is not included)
Only two homes remained on the market over one year, both around the 460 days. 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.
**Photo courtesy of REColorado
The highest sale in the Denver metro area was $4,300,000 and was located in Cherry Hills Village. This custom home was built in 2005. It has 12,192 total square feet, 5 bedrooms, 7 bathrooms and a 4 car garage all on 2.38 acres in a gated community, which sold in 272 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).