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Denver September Market Trends

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Denver Luxury Housing Market Hits New Peak

Phil Hall

The phrase “Rocky Mountain High” took on a new meaning with data news that the Denver metro area luxury housing market set a record on sales of homes listed at $1 million or more.

According to a Denver Real Estate Watch analysis of RE colorado data, 115 single-family homes in the Denver area priced at $1 million or more were sold in July, a 10.6 percent year-over-year increase. The total dollar volume of luxury home sales in July was $173.87 million, a new record for the month and a 7.9 percent increase from July 2015.

The average price of a luxury home sold in this market during the month was $1.51 million, with the most expensive property—a seven-bedroom, 11-bathroom, 15,652-square-foot mansion in the Denver Country Club neighborhood—selling for $5.6 million. And while the number of luxury condo sales in this market were a bit skimpy in July—a grand total of four, down 42.9 percent from the seven sales in July 2015—there have been 31 luxury condos sold year-to-date in 2016, a 6.9 percent increase from 29 sales in the first seven months of last year.

In comparison to the luxury home market, the volume of sales for all housing in the Denver metro area fell 19.2 percent year-over-year in July, according to the Colorado Association of Realtors.

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by Patrick Rampi - Broker Associate - Tuesday, August 23, 2016

Boulder, Colo., topped the list with the most stable growth over the past 25 years. Home prices there have climbed more than 300% and “the average homeowner in Boulder hadn’t suffered any significant price declines since 1991,” the analysis showed.

Boulder was followed by the Austin-Round Rock area of Texas, which has experienced home price growth of 271% without too many significant declines in prices. Casper, Wyo., Bismark, N.D. and Midland, Texas, round out the list of the top five housing markets with the most stable growth.

Many of the stable housing markets were in Western or Midwestern non-coastal states like Colorado, Texas and Montana and North Dakota. The likely reason: “It boils down to supply and demand,” says Daren Blomquist, the vice president of real estate site RealtyTrac (http://www.realtytrac.com/) . “In the middle-America markets there is more room to create more supply than in the coastal markets — which are often constrained geographically as well as by more regulation,” he says.

Denver Luxury Housing Market Hits New Peak

by Patrick Rampi - Broker Associate - Thursday, August 18, 2016

“Who needs a national political convention for entertainment when we get to experience the Denver Metro real estate market?” said Anthony Rael, Chairman of the DMAR Market Trends Committee and Denver real estate agent. “July was an interesting month overall as so many seasonal factors converged, pushing nearly every statistical category into the red zone.” (http://ctt.ec/1adYf) He adds, “The one and only category that showed an increase at month’s end was active listings. As mortgage rates continue to be ridiculously low, it’s a good time to get buyers in the car and go shopping because there is an abundance of listings to quench the thirst of those who were beginning to grow weary over the past few months.” (http://ctt.ec/1adYf)

“Price reduction was a common term seen in the Luxury Market, as sellers made adjustments in response to an overall slowdown,” said Jill Schafer, DMAR Market Trends Committee Member and Metro Denver real estate agent. “While the Luxury Market is the only segment where homebuyers have an advantage, sellers aren’t complaining as they are getting more per square foot than in years past.” (http://ctt.ec/6E7Gg)

Looking at the Premier Residential Market, we see it is holding steady with an increase in days on market of 1.56 percent compared to last year, and a zero percent increase year to date compared to July 2014,” said Brigette Modglin, DMAR Market Trends Committee Member and Metro Denver real estate agent. “The Signature Market, however, is clearly having no problem selling as the days on market decreased 13.64 percent year over year and 20 percent year to date since 2014.” (http://ctt.ec/c8g43)

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