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Luxury Single-Family Home Sales Increase 66.7 Percent in January Compared to Same Period Last Year

02/11/16 by Marketing Web

Luxury Market Recap from Kentwood Real Estate Shows a
Total of 582 Million Dollar Listings in Metro Denver

Closed sales volume for single-family luxury homes increased 98.9 percent in January 2016 compared to the same period last year with total sales volume of $90,745,189.  Average days on the market increased 47.7 percent to 161, while the average sold price increased 19.3 percent to $1,649,913.  There are a total of 548 active residential listings and a total of 136 million dollar properties under contract.

Luxury condominium sales in January averaged 37 days on the market, which was a 54.3 percent decrease over January 2015.  The highest sold price was $3,273,095, while the average sales price increased 60 percent to $1,680,519.  Total sales volume for luxury condos was $10,083,113.  There are 34 active listings and eight luxury condos currently under contract.  

Downtown Denver Condominium Closed Sales Drop 22.6 Percent from January 2015 

Kentwood Real Estate’s latest real estate market data, which is gathered from the most reliable sources in metro Denver, shows that downtown Denver condominium sales dropped 22.6 percent in January compared to the same period last year.      

Closed sales volume was $14,147,900 for January, an increase of 16.7 percent over January 2015.  The highest sold price in January was $1,675,000.  The statistics show a total of 39 downtown Denver condominiums under contract in January and a total of 59 active condo listings.    

Average days on the market increased 42.6 percent to 67 in January.  Average sales price increased 50.7 percent to $589,496.  For those seeking a carefree lifestyle downtown, Kentwood City Properties is conveniently located across from Union Station and visitors are welcome.  You can enjoy open houses nearly every week and also enjoy virtual tours on the company’s website.

“There are more buyers than sellers in the downtown condo market, which is being driven by the revitalization of Union Station and all the development in the Central Platte Valley,” said Lee Ann Nielsen, a leading Broker Associate with Kentwood City Properties.  “Prices are up because inventory is low, and there is only a finite number of ‘for sale condos’ in the LoDo area.  Buyers are paying a premium for historic lofts and location, location, location.  What’s not to like about the lifestyle of living downtown when you can walk to all sporting venues, restaurants, the theater district, the new train to DIA and more.  Inventory will more than likely remain low because very few units are being built for resale in downtown Denver, causing sale prices to continue climbing."
Market Recap for The Villages Shows Average Sales Price Increase of 47.5 percent to $2,151,500 

Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for January shows the average sales price increased 47.5 percent over last January to $2,151,500.  Closed sales increased 83.3 percent to 11 over January 2015.  The highest sold price in January was $6,530,000, while the average number of days on the market increased 64 percent to 123.  

Currently there are 83 residential listings and 35 land listings in Cherry Hills Village and Greenwood Village.  Kentwood Real Estate enjoys a 24 percent market share with 28 active listings.  There is a total of 22 residential listings and four land listing under contract.  Closed sales volume was $21,515,000.   

“We are very pleased with January’s statistics for the Villages,” said Michele Ciardullo, a top producing Broker Associate with Kentwood Real Estate DTC.  “It is a solid start to 2016 and encouraging for the rest of the year.”
Average Residential Sales Price for Cherry Creek Neighborhood
Increases 51 Percent in January 

The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 51 percent to $1,134,331 compared to January 2015, according to data gathered by Kentwood Real Estate.  The number of days on the market in January increased 29.5 percent to 136, with closed sales volume totaling $14,746,307 for a 227.1 percent increase over January 2015.  Closed residential sales increased 116.7 percent to 13.  The highest sold price year to date was 4,325,000.    

Condominium sales for Cherry Creek totaled seven in January for a 22.2 percent decrease over January 2015, with an average sales price of $1,137,442.  The highest sold price was $3,273,095.  Closed condominium sales volume was $7,962,094 in January.  Average days on the market for January was 10 for a decrease of 84.4 percent from last year.      

There are currently 70 residential and condominium listings in Cherry Creek and a total of 41 homes under contract.
“Cherry Creek’s home value appreciation within only one year is absolutely staggering,” said Mor Zucker, an accomplished Broker Associate with Kentwood Real Estate Cherry Creek.  “When comparing the average sales price from January 2015 to 2016 and noticing a 51 percent increase in residential sales and a 165.4 percent increase in condo sales, you get a snapshot of the current favorable market in this neighborhood.  I believe this is just the beginning.  With many rental apartment buildings recently completed and a few more that are still under construction, there will be a greater need for properties available for sale, which will increase, in my opinion, the average sales price even further.”

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 one nationwide by the National Association of Realtors and 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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