The total sales volume of luxury homes sold (sales over $1M) in the Denver metro market in September was 60 percent higher than September of last year, according to a report released Monday by LIV Sotheby’s International Realty. There was $127.4M in luxury properties sold this past month, compared to just under $80M last September. A continued strong 2015 is projected based on Colorado’s strong local economy combined with climbing homeowner equity within the residential luxury market.
The number of luxury homes sold continued its seasonal downward trend, with 81 sales in metro Denver with a price tag of more than $1M sold in September, down -21 percent from August. However, that number was up 50 percent year-over-year, according to the monthly analysis based on information from REColorado. “The luxury market is growing – both in the number of $1M+ properties being offered and the number of sales” said LIV Sotheby’s International Realty president, Scott Webber. “Inventory is at an all-time high of just under 900 properties currently on the market. Meanwhile the number of properties sold has dropped each month since the high in June. Buyers have more choice now than they did this summer, and now is a great time to capitalize on our rising market.” The average selling price rose to $1.57M in September, demonstrating an 8 percent increase from August. In Denver metro, the average days on the market decreased to 84 days in September, an -8 percent decrease, from the 91-day average set in August. Boulder County is also experiencing a significant growth in its luxury market, with $513M in sales volume in the last twelve months, a 29 percent increase year-over-year. There were 340 sales in the last twelve months, compared to 255 in the same period last year. September was a particularly slow month, however, with only 17 sales, down 50 percent from August (statistics pulled from IRES LLC).