March 2016 ~ 7 County Luxury Market

 

Posted by Damon L. Chavez on Friday, March 18th, 2016 at 8:16am.

METROPOLITAN DENVER

7 COUNTY LUXURY MARKET

HOMES SOLD FOR $1 MILLION OR GREATER

MARCH, 2016

Market Metrics:

By the numbers, the inventory of available homes for sale is 647 homes at February month end, 164 homes came onto the market, 78 homes were placed under contract, and 66 homes closed for $1 Million or greater with an average sold price of $1,613,806 resulting in a closed dollar volume of $106.5 Million.

 Monthly Market Recap:

Single Family                          Condo

Active Inventory at month end                            586                                           61

New Listings                                                     148                                           16

Under Contract                                                 72                                            6

Number Sold                                                     58                                            8

Average Sold Price                                           $1,505,596                                $2,398,328

Closed $ Volume                                               $87.3 Million                             $19.2 Million

Lowest Sold Price                                             $1,000,000                                $1,100,000

Highest Sold Price                                            $2,604,938                                $5,438,873

Average Price/Square Foot (Above Ground)       $376                                         $722

Average Price/Square Foot (Total)                     $252                                         $674

Sold Price as % of List Price                              95.71%                                     100.19%

Average Days on Market                                   124                                           146

Of the 58 Single Family homes sold, the highest priced closing for the month was $2.6 Million representing 6 Bedrooms, 9 Baths, and 6,280 above ground square feet. 

Of the 8 Condo homes sold, the highest priced closing for the month was $5.439 Million representing 3 bedrooms, 3 bathrooms, and 4,627 above ground square feet.

 

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

Single Family                          Condo             

 Number Sold                                                     113                   (↑43%)             18                    (260%)

Average Sold Price                                           $1,547,830        (↑3%)               $2,087,763            (↑73%)

Closed $ Volume                                               $174.9 Million   (↑47%)             $37.6 Million            (522%)

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

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

Average Price/Square Foot (Above Ground)       $374                                         $680

Average Price/Square Foot (Total)                     $250                                         $628

Sold Price as % of List Price                              95.83%             (↑1%)               98.38%             (↑4%)

Average Days on Market                                   142                   (↑3%)               130                   (↓14%)

One Hundred Thirty One (131) homes closed YTD February 29, 2016 for $1 Million or greater with an average sold price of $1,622,019 resulting in a closed dollar volume of $212.5 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 – March 3, 2016