May 2016 ~ 7 County Luxury Market

 

Posted by Damon L. Chavez on Saturday, May 28th, 2016 at 11:48am.

METROPOLITAN DENVER

7 COUNTY LUXURY MARKET

HOMES SOLD FOR $1 MILLION OR GREATER

 Market Metrics:

By the numbers, the inventory of available homes for sale is 821 homes at April month end, 293 homes came onto the market, 122 homes were placed under contract, and 91 homes closed for $1 Million or greater with an average sold price of $1,525,187 resulting in a closed dollar volume of $138.8 Million.

 Monthly Market Recap:

                                                                   Single Family                          Condo

Active Inventory at month end                            740                                    81

New Listings                                                     258                                      35

Under Contract                                                 110                                      12

Number Sold                                                     86                                         5

Average Sold Price                                           $1,540,605                            $1,260,000

Closed $ Volume                                               $132.5 Million                      $6.3 Million

Lowest Sold Price                                             $1,000,000                             $1,050,000

Highest Sold Price                                            $3,950,000                             $1,650,000

Average Price/Square Foot (Above Ground)       $402                                       $505

Average Price/Square Foot (Total)                     $272                                       $439

Sold Price as % of List Price                              97.59%                                     97.07%

Average Days on Market                                   122                                           37

Of the 86 Single Family homes sold, the highest priced closing for the month was $3.95 Million representing 6 Bedrooms, 9 Baths, and 8,591 above ground square feet.

Of the 5 Condo homes sold, the highest priced closing for the month was $1.65 Million representing 4 bedrooms, 4 bathrooms, and 3,540 above ground square feet.

Year-to-Date Market Recap with Year Over Year % Comparisons:

                                                                   Single Family                                        Condo             

Number Sold                                                     265                     (↑24%)                    30                        (↑67%)

Average Sold Price                                           $1,536,806          (↑2%)                     $1,774,408            (↑16%)

Closed $ Volume                                               $407.3 Million   (↑27%)                    $53.2 Million          (↑93%)

Lowest Sold Price                                             $1,000,000                                      $1,000,000

Highest Sold Price                                            $6,530,000                                      $5,438,873

Average Price/Square Foot (Above Ground)       $388                                               $630

Average Price/Square Foot (Total)                     $260                                               $583

Sold Price as % of List Price                              96.44%               (↑1%)                      97.75%                    (↓1%)  

Average Days on Market                                   126                   (↔)                        94                           (↓54%)

Two Hundred Ninety Five (295) homes closed YTD April 30, 2016 for $1 Million or greater with an average sold price of $1,560,969 resulting in a closed dollar volume of $460.5 Million.

The above representation covers a seven (7) county area including the counties of Adams, Arapahoe, Broomfield, Denver, Douglas, Elbert, and Jefferson.

The above representation may or may not reflect all real estate activity in the market.

Source of the data:  REcolorado.com – May 6, 2016