The luxury real estate market is heating up as we enter the spring selling season. Levels of inventory are down year-over-year in both Denver metro and Boulder, indicating a favorable market for luxury home sellers. With warm spring temperatures arriving early this year, more buyers are out touring homes, which is demonstrating more early spring season sales in the luxury market compared to last year.
In Denver metro, the number of luxury homes sold (sales over $1M) demonstrated a significant increase year-over-year and month-over-month, with 128 homes with a price tag of more than $1M sold in April 2017, over 91 sold in April 2016, a 41% increase, according to data released by LIV Sotheby’s International Realty and information based on information from REColorado. Month-over-month, 128 homes with a price tag of more than $1M sold in April 2017, over 119 sold in March 2017, an 8% increase.
Inventory increased slightly with 3% more new listings entering the market year-over-year; 276 in April 2017 over 269 in April 2016. Average price per square foot demonstrated a balance year-over-year at $429, and average selling price decreased slightly, 2%, year-over-year from $1.49M in April 2017 from $1.52M in April 2017.
The most expensive residential sale in April was a 6,444 square-foot residence located at 675 North Humboldt Street, Denver, that sold for $3,475,000. LIV Sotheby’s International Realty brokers, Debra Fagan and Wendy Handler, represented the Sellers in the sale.
In April, Boulder County also experienced an increase in luxury sales year-over-year and month-over-month. Year-over-year 43 homes with a price tag of more than $1M sold in April 2017, over 37 sold in April 2016, a 16% increase according to information from IRES, LLC. Month-over-month, 43 homes with a price tag of more than $1M sold in April 2017, over 35 sold in March 2017, a significant, 23% increase.
New inventory decreased year-over-year and month-over-month with 98 new listings entering the market in April 2017, compared to 102 new listings in April 2016, a 4% decrease. Month-over-month, 98 new listings entered the market in April 2017, compared to 109 new listings that entered the market in March 2017, a 10% decrease. The number of Days on Market dropped 14 percent year-over-year, from 93 days in April 2016 to just 80 days in April 2017. Average sales price increased year-over-year from $1.5M in April 2016 to $1.71M in April 2017.
“The luxury market continues to demonstrate growth in Boulder, despite inventory numbers dipping down,” said Boulder managing broker, David Carner, of LIV SIR. “We’re seeing similar activity and interest in the luxury market as we did last spring, and economic factors driving intense demand for our area are not subsiding by any measure.”
The most expensive residential sale in March in Boulder was a 5,661-square foot residence located at 5225 Niwot Rd, Longmont, CO, that sold for $5,475,000.
LIV Sotheby’s International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions, whether purchasing or selling a home.