With Colorado’s real estate market entering the peak of its spring selling season, luxury home sales (sales over $1M) in Denver metro and Boulder continue to see a significant increase year-over-year, according to a March luxury market report, released by LIV Sotheby’s International Realty. In addition to a predictable increase of buyers entering the market as the warm weather arrives and inventory rises, the market demonstrated growth largely due to luxury buyers’ continued desire to invest in Colorado’s vibrant economy. In March, the number of properties sold and total sales volume, in both Denver metro and Boulder, demonstrated increases year-over-year, indicating a still-competitive luxury real estate market.
“The Denver luxury market has increased by 20% in total sales volume year-over-year in March 2018,” said Scott Webber, president, LIV SIR. “With a 9% increase in luxury listings, and less overall days spent on the market, the luxury segment continues to thrive.”
In Denver metro, the number of luxury homes sold demonstrated an increase year-over-year, with 141 homes priced at more than $1M sold in March 2018, over 124 sold in March 2017, a 14% increase, according to data released by LIV Sotheby’s International Realty and based on information from REColorado. New inventory increased 9% year-over-year, with 295 new listings entering the Denver market in March 2018, compared to only 270 new listings in March 2017. The average days on market saw a significant decrease, down 21% year-over-year, from 117 days in March 2017, to 93 in March 2018, indicating an increasingly competitive luxury marketplace.
The most expensive residential sale in March, in Denver Metro, was a 12,316 square-foot residence located at 177 Humboldt Street, Denver, CO, that sold for $4,975,000. LIV Sotheby’s International Realty brokers, Josh Behr and Linda Behr, and Maggie Armstrong and Trish Bragg, represented both sides of this significant sale.
In March, the Boulder County luxury real estate market demonstrated a significant 39% increase year-over-year of homes sold, with 50 homes selling in March 2018, compared to 36 homes sold in March 2017 (information from IRES, LLC). Year-over-year, the number of new listings also increased, rising from 110 new homes listed in March 2017, to 120 new homes listed in March 2018, a 9% increase. The average sales price also increased, up 33% year-over-year, from $1.42M in March 2017, to $1.88M in March 2018, indicating a competitive luxury marketplace as we move into the spring selling season.
“The Boulder luxury market has taken off earlier in this spring than the seasonal norm, and with both new listings and listings sold graphs showing a “hockey stick” shaped trend line of growth,” said Boulder managing broker, David Carner, of LIV SIR. “New listing activity reached an eleven-month high at 120 in March. Listings sold more than doubled to 50. Overall sales volume has increased 20% in the last 12 months, and average days on the market dropped 14% to 88. With 185 properties over $1M currently on the market without a contract, there is just over a three-month supply of inventory – very much a seller’s market.”
The most expensive residential sale in March, in Boulder County, was a 5,282 square-foot residence located at 1155 Canyon Boulevard #406, Boulder, CO, that sold for $5,500,000. LIV Sotheby’s International Realty broker, Barb Silverman, represented the sellers of this significant sale.
“To date, 1155 Canyon Boulevard #406 represents both the highest sale and the highest price for a residential attached property in Boulder County history. At just over $1,000 per square foot, it’s one of only a handful of properties valued so highly. This prime penthouse in downtown Boulder represents the “epicenter” of our hot market,” said Carner.