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Luxury Single-Family Home Sales Increased 14 Percent in July While Luxury Condo Sales Decreased 25 percent Over July 2016

08/08/17 by Marketing Web

Kentwood Real Estate has released the company’s comprehensive real estate statistics for July 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 14 percent in July compared to the same period in 2016 with 130 closed sales, while luxury condo sales decreased 25 percent compared to the same period last year.   

There is currently a total of 883 million dollar residential and condo listings in the metro Denver area, with Kentwood Real Estate holding a significant market share with 117 million dollar listings.  Closed sales volume for luxury residences was $198,934,095, while closed sales volume for luxury condos was $10,630,000, a 124.4 percent increase compared to July last year.  Following are details for May 2017. 

 

Average Sales Price for Luxury Residences in July

Increased 1.1 Percent to $1,530,262 While Average Sales Price for Luxury Condos Increased 79.5 Percent to $2,126,000

The average sales price for single-family luxury homes increased 1.1 percent in July to $1,530,262.  Average days on the market decreased 13 percent to 94.  Highest sold price was $4,800,000.  There are a total of 830 active residential listings.

Luxury condominium sales in July averaged 56 days on the market, which was a 21.7 percent increase over July 2016.  The highest sold price was $4,950,000.  There was 53 active luxury condominium listings.  Closed sales volume year over year was $67,131,325, a 23.1 percent increase over last year, while the average sales price year over year decreased 9.1 percent to $1,598,365.

“The Denver luxury market is outperforming over last year, chiefly due to increasing inventory,” said Ann Kerr of Kentwood Real Estate.  “The number of listings in the residential luxury inventory from 2016 through August 2017 has more than tripled, which should allow for increased sales as long as demand stays strong.  The buyers who are currently looking for luxury homes are more knowledgeable than ever about market values.  Those sellers who are also in tune with the market are able to sell quickly, while homes priced out of the market range are sitting without selling, even in this active environment.” 

 

Market Recap for The Villages Shows Average Sales Price Decreased 10.7 Percent to $1,664,385

Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for July show the average sales price increased 32.9 percent over last July to $1,815,169.  Closed sales decreased 22.7 percent to 17 over July 2016.  The highest sold price in July was $3,900,000, while the average number of days on the market deceased 34.1 percent to 58.  Closed sales volume was $30,857,870, a 2.7 percent increase over July last year.  Average price per square foot was $410 for an 11.3 percent increase over last July.     

Currently there are 100 residential listings and 38 land listings in Cherry Hills Village and Greenwood Village.  Kentwood Real Estate enjoys a 27 percent market share with 37 active listings.

 

Average Residential Sales Price for Cherry Creek Neighborhood Increases 11.3 Percent in July

The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 11.3 percent to $1,220,556 compared to July 2016, according to data gathered by Kentwood Real Estate.  The average number of days on the market in July increased 32.4 percent to 143, with closed sales volume totaling $19,528,900 for a 78.1 percent increase over July 2016.  Closed residential sales increased 60 percent to 16.  The highest sold price was $4,800,000.         

Condominium sales for Cherry Creek totaled two in July, which was a 77.8 percent decrease over July 2016, with an average sales price of $507,500.  The highest sold price was $540,000.  Closed condominium sales volume was $1,101,500 in July, a 96.9 percent decrease over July last year.  Average days on the market for July was 84, which was a 110 percent increase over last year.  There are currently 97 residential and condominium listings in Cherry Creek, with Kentwood Real Estate holding 15 active listings.

“We have seen an increase in sales and price of townhomes and single-family homes in spite of the amount of construction and change taking place in Cherry Creek,” said Paula Friedman of Kentwood Real Estate Cherry Creek.  “Buyers are choosing a neighborhood filled with restaurants, shops, and activities over yard space.”   

 

Kentwood Real Estate Holds Strong Market Share in the City of Denver with 128 Active Listings

There is currently a total of 927 detached listings and 915 attached listings in the City of Denver, with Kentwood Real Estate holding 128 active listings.  Closed sales for detached residences totaled 738 in July, a 12 percent increase over the same period last year.  Closed sales volume was $396,532,583, a 5.9 percent decrease over last July.  Average sales price was $537,307 for a seven percent increase, and the highest sold price was $4,800,000, a decrease of 14.3 percent.  Average days on the market for detached residences was 22, a decrease of 8.3 percent. 

Closed sales for attached homes totaled 499, which was a decrease of 4.8 percent from last July.  Closed sales volume was $198,462,732, an increase of 5.6 percent.  The average sales price for attached residences was $397,721, and the highest sold price was $4,950,000, a 241.4 percent increase over July 2016.  Average days on the market for attached homes in July was 67, which was an 81.1 percent increase from the same period last year.

“Lack of inventory continues to be our biggest challenge,” said Liz Richards of Kentwood City Properties.  “Values continue to stay strong with many multiple offer situations and more cash buyers than I have seen in the past five years.”

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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