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Luxury Single-Family Home Sales Increased 30.5 Percent in October While Luxury Condo Sales Increased 200 Percent

11/09/17 by Marketing Web

Kentwood Real Estate has released the company’s comprehensive real estate statistics for October 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 30.5 percent in October compared to the same period in 2016 with 124 closed sales, while luxury condo sales increased 200 percent with nine total sales compared to October 2016.     

There is currently a total of 767 million dollar residential and condo listings in the metro Denver area, with Kentwood Real Estate holding a significant market share with 107 million dollar listings.  Closed sales volume for luxury residences was $194,301,470 in October, while closed sales volume for luxury condos was $13,865,000, a 200 percent increase compared to October last year.  Following are details for October 2017. 

Average Sales Price for Luxury Residences in October Increased 5.9 Percent to $1,566,947 While Average Sales Price for Luxury Condos Increased 19.8 Percent to $1,540,556

The average sales price for single-family luxury homes increased 5.9 percent in October to $1,566,947.  Average days on the market decreased 9.6 percent to 104.  Highest sold price was $5,275,000.  There are a total of 718 active residential listings.

Luxury condominium sales in October averaged 63 days on the market, which was a 34 percent increase over October 2016.  The highest sold price was $1,985,000.  There was 49 active luxury condominium listings.  Closed sales volume year over year was $104,808,975, a 27.1 percent increase over last year, while the average sales price year over year decreased 10.3 percent to $1,541,308.

“October was a banner month for the Denver luxury real estate market with a number of closed sales up 30.5 percent for luxury single family home sales over $1 million and up a whopping 200 percent for luxury condo sales compared to October last year,” said Julie Winger of Kentwood Real Estate.   “Sellers of luxury properties can expect to have their properties on the market longer than properties listed under $1 million.  Anything under 180 days on the market is still considered to be a seller’s market.  The luxury market in Denver remains very strong, and I expect to see fourth quarter of 2017 to finish on a high note.  We are lucky to be in Denver.”

Market Recap for The Villages Shows Average Sales Price Increased 5.7 Percent to $1,576,800

Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for October show the average sales price increased 5.7 percent over last October to $1,576.800.  Closed sales remained unchanged over October 2016.  The highest sold price in October was $4,000,000, while the average number of days on the market deceased 54.1 percent to 62.  Closed sales volume was $31,536,000, a 5.7 percent increase over October last year.  Average price per square foot was $397 for a 5.9 percent increase over last October.    

Currently there are 93 residential listings and 36 land listings in Cherry Hills Village and Greenwood Village.  Kentwood Real Estate enjoys a 26 percent market share with 33 active listings.

Average Residential Sales Price for Cherry Creek Neighborhood Increases 38.3 Percent in October

The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 38.3 percent to $1,313,877 compared to October 2016, according to data gathered by Kentwood Real Estate.  The average number of days on the market in October decreased 12.8 percent to 143, with closed sales volume totaling $13,138,765 for a 13.6 percent decrease over October 2016.  Closed residential sales decreased 37.5 percent to 10.  The highest sold price was $2,325,000.         

Condominium sales for Cherry Creek totaled seven in October, which was a 75 percent increase over October 2016, with an average sales price of $554,429.  The highest sold price was $1,065,000.  Closed condominium sales volume was $3,881,000 in October, a 38.4 percent increase over October last year.  Average days on the market for October was 47, which was a 59.8 percent decrease over last year.  There are currently 88 residential and condominium listings in Cherry Creek, with Kentwood Real Estate holding 20 active listings.

“With the construction of many luxury condominiums in the Cherry Creek North neighborhood, the market is showcasing immense appreciation for single family detached properties,” said Mor Zucker of Kentwood Real Estate Cherry Creek.  “The average sales price for the month of October has gone up over 38 percent from this time last year.”   

Kentwood Real Estate Holds Strong Market Share in the City of Denver with 135 Active Listings

There is currently a total of 851 detached listings and 874 attached listings in the City of Denver, with Kentwood Real Estate holding 135 active listings.  Closed sales for detached residences totaled 622 in October, a 14.8 percent decrease over the same period last year.  Closed sales volume was $338,191,808, a 2.3 percent decrease over last October.  Average sales price was $543,717 for a 14.6 percent increase, and the highest sold price was $5,275,000, an increase of 58.6 percent.  Average days on the market for detached residences was 29, a decrease of 3.3 percent. 

Closed sales for attached homes totaled 450, which was a decrease of 10.4 percent from last October.  Closed sales volume was $183,041,643, an increase of 1.3 percent.  The average sales price for attached residences was $406,759, and the highest sold price was $2,325,000, a 1.1 percent increase over October 2016.  Average days on the market for attached homes in October was 89, which was a 93.5 percent increase from the same period last year.

“The market has definitely changed around August,” said Barbara Henderson of Kentwood Real Estate.  “The market has flattened out, particularly for single family homes.  Condos held strong but probably because of inventory is even lower in condos than single family properties.  It will be interesting to see what 2018 brings.  I believe these numbers are positive as we may be moving towards a more normal market, which will be best for all concerned.”

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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