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Luxury Single-Family Home Sales Increased 34.5 Percent in April While Luxury Condo Sales Increased 66.7 percent Over April 2016

05/10/17 by Marketing Web

Kentwood Real Estate has released the company’s comprehensive real estate statistics for April 2017 for single-family homes, luxury residences, Greenwood Village, Cherry Hills Village, the City of Denver, and the Cherry Creek neighborhood.  Kentwood’s latest report shows that luxury single-family home sales increased 34.5 percent in April compared to the same period in 2016 with 117 closed sales, while luxury condo sales increased 66.7 percent compared to the same period last year.   

 

There is currently a total of 750 million dollar residential and condo listings in the metro Denver area, with Kentwood Real Estate holding a significant market share with 110 million dollar listings.  Closed sales volume for luxury residences was $177,607,421, while closed sales volume for luxury condos was $6,355,500, a 92.6 percent increase compared to April last year.  Following are details for April 2017. 

   

Average Sales Price for Luxury Residences in April

Decreased 1.6 Percent to $1,518,012 While Average Sales Price for Luxury Condos Increased 15.6 Percent to $1,271,100

 

The average sales price for single-family luxury homes decreased 1.69 percent in April to $1,518,012.  Average days on the market decreased 15.4 percent to 104.  Highest sold price was $3,475,000.  There are a total of 699 active residential listings.

 

Luxury condominium sales in April averaged 71 days on the market, which was a 65.1 percent increase over April 2016.  The highest sold price was $1,820,000.  There was 51 active luxury condominium listings.  Closed sales volume year over year was $24,968,075, a 27.7 percent decrease from last year, while the average sales price year over year decreased 27.7 percent to $1,314,109. 

 

Market Recap for The Villages Shows Average Sales Price Decreased 6.1 Percent to $1,842,278

 

Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for April show the average sales price decreased 6.1 percent over last April to $1,842,278.  Closed sales decreased 39.1 percent to 14 over April 2016.  The highest sold price in April was $3,165,000, while the average number of days on the market deceased 6.8 percent to 82.  Closed sales volume was $24,227,400, a 42.8 percent decrease over April last year.  Average price per square foot was $418 for a 3.3 percent decrease over last April.   

 

Currently there are 74 residential listings and 37 land listings in Cherry Hills Village and Greenwood Village.  Kentwood Real Estate enjoys a 28 percent market share with 31 active listings.

 

Average Residential Sales Price for Cherry Creek Neighborhood Increases 13.1 Percent in April

 

The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 13.1 percent to $1,229.259 compared to April 2016, according to data gathered by Kentwood Real Estate.  The average number of days on the market in April increased 175.3 percent to 201, with closed sales volume totaling $15,980,370 for a 63.4 percent increase over April 2016.  Closed residential sales increased 44.4 percent to 13.  The highest sold price was $2,450,000.         

 

Condominium sales for Cherry Creek totaled six in April, which was a 25 percent decrease over April 2016, with an average sales price of $474,150.  The highest sold price was $615,000.  Closed condominium sales volume was $2,844,900 in April, a 24 percent decrease over April last year.  Average days on the market for April was 24, which was a 25 percent decrease from last year.  There are currently 86 residential and condominium listings in Cherry Creek, with Kentwood Real Estate holding 10 active listings.

 

“April’s snapshot shows that the Cherry Creek market is up year to date about 10 percent in closed sales for single family homes and 44 percent from March 2017 to April 2017,” said Jacci Geiger, a leading Broker Associate with Kentwood Real Estate Cherry Creek.  “Condo and townhome sales are down 27 percent year to date, but sales doubled in April 2017 from the previous month.  The average days on the market for both single family homes and condos has risen significantly.  A seller’s market would be anything less than five months of inventory, and we are at two months on condos and about 3-4 months on single family homes, so we are still in a seller’s market but coming to a place with more stability than scarcity.  According to a CBS News business insider, Denver is the ninth hottest real estate market with a projected 3.9 percent increase in the market and a very low unemployment rate of 2.9 percent.”  

 

Kentwood Real Estate Holds Strong Market Share in the City of Denver with 132 Active Listings

 

There is currently a total of 632 detached listings and 676 attached listings in the City of Denver, with Kentwood Real Estate holding 132 active listings.  Closed sales for detached residences totaled 712 in April, an 8.5 percent decrease over the same period last year.  Closed sales volume was $376,014,927, a 5.9 percent increase over last April.  Average sales price was $528,111 for a 15.7 percent increase, and the highest sold price was $3,475,000, an increase of 28.7 percent.  Average days on the market for detached residences was 25, a decrease of 10.7 percent. 

 

Closed sales for attached homes totaled 505, which was unchanged from last April.  Closed sales volume was $192,901,797, an increase of 9.1 percent.  The average sales price for attached residences was $381,984, and the highest sold price was $2,450,000, a 48.5 percent increase over April 2016.  Average days on the market for attached homes in April was 81, which was a 68.8 percent increase from the same period last year.

 

“The real estate market for the city of Denver continues to remain red hot with no slowdown in sight,” said Stacy Neir, a leading Broker Associate with Kentwood City Properties.  “Detached single-family homes continue to see double digit appreciation at 15.7 percent year over year and 9.1 percent for attached homes.  Average days on the market remains under 30 days.  Low days on the market coupled with extremely low inventory and low interest rates are what continues to feed Denver’s bull market.”  

 

Kentwood Real Estate is dedicated to building on its legacy of being “Colorado’s Premier Real Estate Company” through the highest producing, most knowledgeable, caring and experienced brokers in the country who offer the highest quality customer service experience.  Kentwood Real Estate is an innovator known for unparalleled marketing strategies and superior Internet technology that places its clients in the best possible position.  The company’s brokers each averaged more than $12 million in sales volume annually, which is ranked number two nationwide by the National Association of Realtors and number one in Colorado by REAL Trends.  

 

Kentwood Real Estate is comprised of Kentwood Real Estate DTC, Kentwood Real Estate Cherry Creek, and Kentwood City Properties in downtown Denver.  For more information, visit Kentwood Real Estate online at www.DenverRealEstate.com

 



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