Kentwood Real Estate has released the company’s comprehensive real estate statistics for March 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 66.7 percent in March compared to the same period in 2016 with 110 closed sales, while luxury condo sales increased 40 percent compared to the same period last year.
There is currently a total of 716 million dollar residential and condo listings in the metro Denver area, with Kentwood Real Estate holding a significant market share with 104 million dollar listings. Closed sales volume for luxury residences was $161,618,736, while closed sales volume for luxury condos was $8,222,575, a 34.4 percent increase compared to March last year. Following are details for March 2017.
Average Sales Price for Luxury Residences in March
Decreased 3.9 Percent to $1,469,261 While Average Sales Price for Luxury Condos Decreased 4.0 Percent to $1,224,000
The average sales price for single-family luxury homes decreased 3.9 percent in March to $1,469,261. Average days on the market increased 10 percent to 110. Highest sold price was $6,000,000. There are a total of 664 active residential listings.
Luxury condominium sales in March averaged 95 days on the market, which was a 143.6 percent increase over March 2016. The highest sold price was $1,665,000. There was 52 active luxury condominium listings. Closed sales volume year over year was $17,567,575, a 43.8 percent decrease from last year, while the average sales price year over year decreased 30.8 percent to $1,351,352.
“The metro residential luxury market remains strong with the average price of sold homes up 1.7 percent over last year through March,” said Chuck Gargotto of Kentwood Real Estate. “Inventory remains a problem as qualified buyers are still outnumbering available properties.”
Market Recap for The Villages Shows Average Sales Price Decreased 2.1 Percent to $2,003,143
Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for March show the average sales price decreased 2.1 percent over last March to $2,003,143. Closed sales increased 90.9 percent to 21 over March 2016. The highest sold price in March was $6,000,000, while the average number of days on the market increased 35.7 percent to 95. Closed sales volume was $42,066,000, an 86.9 percent increase over March last year. Average price per square foot was $399 for a 2.9 percent decrease over last March.
Currently there are 72 residential listings and 36 land listings in Cherry Hills Village and Greenwood Village. Kentwood Real Estate enjoys a 24 percent market share with 24 active listings.
“The markets in Cherry Hills Village and Greenwood Village are up considerably due to four factors,” said Bob Serotta of Kentwood Real Estate DTC. “These factors include a low housing supply, a high inward migration to the Denver area, a very strong Denver economy and lots of ‘move up’ local buyers who want the neighborhoods, the location and the schools.”
Average Residential Sales Price for Cherry Creek Neighborhood Increases 10.7 Percent in March
The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 10.7 percent to $1,084,403 compared to March 2016, according to data gathered by Kentwood Real Estate. The average number of days on the market in March decreased 5.6 percent to 68, with closed sales volume totaling $20,603,653 for a 50.3 percent increase over March 2016. Closed residential sales increased 35.7 percent to 19. The highest sold price was $2,750,000.
Condominium sales for Cherry Creek totaled three in March, which was a 62.5 percent decrease over March 2016, with an average sales price of $680,816. The highest sold price was $1,050,000. Closed condominium sales volume was $2,042,450 in March, a 55.8 percent decrease over March last year. Average days on the market for March was two, which was a 95.8 percent decrease from last year. There are currently 85 residential and condominium listings in Cherry Creek, with Kentwood Real Estate holding 10 active listings.
Kentwood Real Estate Holds Strong Market Share in the City of Denver with 152 Active Listings
There is currently a total of 1,004 detached listings and 426 attached listings in the City of Denver, with Kentwood Real Estate holding 152 active listings. Closed sales for detached residences totaled 850 in March, a 4.8 percent decrease over the same period last year. Closed sales volume was $422,577,421, a 5.5 percent increase over last March. Average sales price was $497,735 for an 11 percent increase, and the highest sold price was $2,750,000, an increase of 10 percent. Average days on the market for detached residences was 40, a decrease of 18.4 percent.
Closed sales for attached homes totaled 283, an increase of 14.1 percent over last March. Closed sales volume was $87,302,287, an increase of 18.5 percent. The average sales price for attached residences was $308,489, and the highest sold price was $1,665,000, a 7.4 percent increase over March 2016. Average days on the market for attached homes in March was 30, which remained unchanged from the same period last year.
“Inventory is still extremely limited in the central Denver market while prices continue to rise significantly month over month,” said Jenna Fulk of Kentwood City Properties. “Days on the market is also decreasing as many homes go under contract within the first week on the MLS.”
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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For more information contact Douglas E. Lierle at lierlepr@comcast.net
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