Inventory levels up year-over-year, month-over-month, indicating favorable market for luxury homebuyers
The luxury real estate market is showing healthy signs of growth as the summer selling season begins. Levels of inventory are up year-over-year in both Denver metro and Boulder, indicating a favorable market for luxury home buyers. With warm, sun-drenched days continuing into the month of June, more buyers are out touring homes, which is demonstrating more early summer sales in the luxury market compared to last year.
In Denver metro, the number of luxury homes sold (sales over $1 million) demonstrated a significant increase year-over-year and month-over-month, with 155 homes with a price tag of more than $1 million sold in May 2017, over 116 sold in May 2016, a 34 percent increase, according to data released by LIV Sotheby’s International Realty and based on information from REColorado. Month-over-month, 155 homes with a price tag of more than $1 million sold in May 2017, over 128 sold in April 2017, a 21 percent increase.
The most expensive residential sale in May was a 11,716 square-foot residence located at 1991 E. Alameda Ave. No. 6 in Denver that sold for $5,850,000. LIV Sotheby’s International Realty broker Douglas D. Kerbs represented the sellers in the sale.
In May, Boulder County also experienced an increase in luxury sales year-over-year and month-over-month. Year-over-year, 63 homes with a price tag of more than $1 million sold in May 2017, over 49 sold in May 2016, a 29 percent increase, according to information from IRES, LLC. Month-over-month, 63 homes with a price tag of more than $1 million sold in May 2017, over 43 sold in April 2017, a significant 47 percent increase.
New inventory increased year-over-year and month-over-month, with 131 new listings entering the market in May 2017 compared to 111 new listings in May 2016, an 18 percent increase. Month-over-month, the 131 new listings that entered the market in May 2017 compare to 98 new listings that entered the market in April 2017, a 34 percent increase. The number of Days on Market dropped 50 percent year-over-year, from 127 days in May 2016 to just 63 days in May 2017. Average sales price increased year-over-year from $1.48 million in May 2016 to $1.5 million in May 2017.
“As we enter the summer selling season, the luxury market continues to demonstrate growth in Boulder, with no signs of slowing 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 summer, and economic factors driving intense demand for our area are not subsiding by any measure.”
The most expensive residential sale in May in Boulder was a 5,290-square-foot residence at 506 Juniper Ave., which sold for $3,200,000.
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.
To access current market reports, visit coloradomarketreports.com. To service all of your real estate needs, call 303-893-3200 or visit livsothebysrealty.com.