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Luxury Single-Family Home Sales Increased 51.8 Percent in February While Luxury Condo Sales Increased 600 Percent v

03/13/18 by Marketing Web

Kentwood Real Estate has released the company’s comprehensive real estate statistics for February 2018 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 51.8 percent in February compared to the same period in 2017 with 85 closed sales, while luxury condo sales increased a whopping 600 percent with seven total sales compared to February 2017.     

There is currently a total of 619 million dollar residential and condo listings in the metro Denver area, with Kentwood Real Estate holding a significant market share with 78 million dollar listings.  Closed sales volume for luxury residences was $122,064,639 in February, while closed sales volume for luxury condos was $10,477,221, a 466.3 percent increase compared to February last year.  Following are details for February 2018. 

   

Average Sales Price for Luxury Residences in

February Decreased 9.1 Percent to $1,436,055 While Average Sales Price for Luxury Condos Decreased 19.1 Percent to $1,496,746

The average sales price for single-family luxury homes decreased 9.1 percent in February to $1,436,055.  Average days on the market decreased 22.1 percent to 113.  Highest sold price was $5,100,000.  There are a total of 567 active residential listings.

Luxury condominium sales in February averaged 66 days on the market, which was a decrease of 17.5 percent over February 2017.  The highest sold price was $2,500,000.  There were 52 active luxury condominium listings.  Closed sales volume year over year was $23,815,221, a 154.8 percent increase over last year, while the average sales price year over year increased 1.9 percent to $1,587,681.

 

Market Recap for The Villages Shows Average Sales Price Decreased 8.8 Percent to $1,701,514

Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for February show the average sales price decreased 8.8 percent over last February to $1,701,514.  Closed sales decreased 36.4 percent over February 2017.  The highest sold price in February was $3,459,000, while the average number of days on the market decreased 65.9 percent to 57.  Closed sales volume was $11,910,600, a 42 percent decrease over February last year.  Average price per square foot was $397 for a 7.2 percent decrease over last February.    

Currently there are 58 residential listings and 24 land listings in Cherry Hills Village and Greenwood Village.  Kentwood Real Estate enjoys a 23 percent market share with 19 active listings.

 

Average Residential Sales Price for Cherry Creek Neighborhood Increased 49.7 Percent in February

The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 49.7 percent to $1,340,300 compared to February 2017, according to data gathered by Kentwood Real Estate.  The average number of days on the market in February decreased 24.3 percent to 53, with closed sales volume totaling $13,403,000 for a 113.8 percent increase over February last year.  Closed residential sales increased 42.9 percent to 10.  The highest sold price was $3,200,000.         

Condominium sales for Cherry Creek totaled six in February, which was unchanged over February 2017, with an average sales price of $455,250.  The highest sold price was $1,318,000.  Closed condominium sales volume was $2,731,500 in February, 31.1 percent increase over February last year.  Average days on the market for February was 45, which was a 28.6 decrease over last year.  There are currently 162 residential and condominium listings in Cherry Creek, with Kentwood Real Estate holding 84 active listings.

 

Kentwood Real Estate Holds Strong Market Share in the City of Denver with 86 Active Listings

There is currently a total of 475 detached listings and 606 attached listings in the City of Denver, with Kentwood Real Estate holding 86 active listings.  Closed sales for detached residences totaled 400 in February, a 2.8 percent increase over the same period last year.  Closed sales volume was $167,352,808, a 21.9 percent increase over last February.  Average sales price was $418,382 for an 18.6 percent increase, and the highest sold price was $2,500,000, an increase of 35.1 percent.  Average days on the market for detached residences was 142, an increase of 140.7 percent. 

Closed sales for attached homes totaled 473, which was an increase of 3.5 percent from last February.  Closed sales volume was $255,108,135, an increase of 17.7 percent.  The average sales price for attached residences was $539,341, and the highest sold price was $3,200,000, an increase of 67.5 percent over February 2017.  Average days on the market for attached homes in February was 24, which was a 33.3 percent decrease from the same period last year.

“The city of Denver is off to a record selling season,” said Carrie Wernecke, a leading Broker Associate with Kentwood City Properties.  “With inventory at a record low, the city of Denver’s average sales price is up 12 percent since January 2018.  The new average sales price in Denver is currently $532,308.  We are seeing the average days on the market go down and it appears that the bidding wars are already in full swing.”



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