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Luxury Single-Family Home Sales Increased 4.5 Percent in September While Luxury Condo Sales Remained Unchanged

10/10/17 by Marketing Web

Kentwood Real Estate has released the company’s comprehensive real estate statistics for September 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 4.5 percent in September compared to the same period in 2016 with 92 closed sales, while luxury condo sales remained unchanged with nine total sales compared to September 2016.     

There is currently a total of 832 million dollar residential and condo listings in the metro Denver area, with Kentwood Real Estate holding a significant market share with 116 million dollar listings.  Closed sales volume for luxury residences was $140,160,517 in September, while closed sales volume for luxury condos was $12,455,650, an 18.8 percent decrease compared to September last year.  Following are details for September 2017. 

Average Sales Price for Luxury Residences in September Increased 0.3 Percent to $1,523,484 While Average Sales Price for Luxury Condos Decreased 18.8 Percent to $1,383,961

The average sales price for single-family luxury homes increased 0.3 percent in September to $1,523,484.  Average days on the market decreased 19.4 percent to 79.  Highest sold price was $4,300,000.  There are a total of 779 active residential listings.

Luxury condominium sales in September averaged 77 days on the market, which was a 1.0 percent decrease over September 2016.  The highest sold price was $1,750,000.  There was 53 active luxury condominium listings.  Closed sales volume year over year was $90,943,975 a 15.7 percent increase over last year, while the average sales price year over year increased 11.8 percent to $1,541,423.

Market Recap for The Villages Shows Average Sales Price Increased 17.4 Percent to $1,975,091

Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for September show the average sales price increased 17.4 percent over last September to $1,975,091.  Closed sales decreased 42.1 percent to 11 over September 2016.  The highest sold price in September was $4,300,000, while the average number of days on the market deceased 7.5 percent to 99.  Closed sales volume was $21,726,000, a 32 percent decrease over September last year.  Average price per square foot was $421 for a 3.6 percent increase over last September.    

Currently there are 106 residential listings and 36 land listings in Cherry Hills Village and Greenwood Village.  Kentwood Real Estate enjoys a 26 percent market share with 37 active listings.

Average Residential Sales Price for Cherry Creek Neighborhood Increases 14.1 Percent in September

The average residential sales price for homes in Denver’s Cherry Creek neighborhood increased 14.1 percent to $1,135,000 compared to September 2016, according to data gathered by Kentwood Real Estate.  The average number of days on the market in September decreased 44.2 percent to 58, with closed sales volume totaling $9,080,000 for a 43 percent decrease over September 2016.  Closed residential sales decreased 50 percent to eight.  The highest sold price was $2,769,000.         

Condominium sales for Cherry Creek totaled nine in September, which was a 25 percent decrease over September 2016, with an average sales price of $400,267.  The highest sold price was $572,500.  Closed condominium sales volume was $3,602,400 in September, a 72.2 percent decrease over September last year.  Average days on the market for September was 50, which was a 28.2 percent increase over last year.  There are currently 107 residential and condominium listings in Cherry Creek, with Kentwood Real Estate holding 19 active listings.

“The housing market remains strong, but is settling into a more normalized market phase,” said Gretchen Rosenberg, Employing Broker of Kentwood Real Estate Cherry Creek.  “We were in such of an overheated period that our current softening feels more dramatic than it really is.  Sellers should be more patient though.  Gone are the days of adding 10 percent to the last sale when pricing.  Days on the market are up, but prices are also up…close to nine percent from this time in 2016.  Buyers want a perfect house and will bypass something they feel needs updating or has a negative aspect, such as a busy road.  Denver remains short of units and builders can’t keep up.  Affordable housing will continue to be an issue unless we can solve the supply shortage.”             

Kentwood Real Estate Holds Strong Market Share in the City of Denver with 143 Active Listings

There is currently a total of 937 detached listings and 942 attached listings in the City of Denver, with Kentwood Real Estate holding 143 active listings.  Closed sales for detached residences totaled 629 in September, a 17.3 percent decrease over the same period last year.  Closed sales volume was $312,325,000, a 12.2 percent decrease over last September.  Average sales price was $496,542 for a 6.2 percent increase, and the highest sold price was $2,400,000, a decrease of 22.6 percent.  Average days on the market for detached residences was 28, an increase of 7.7 percent. 

Closed sales for attached homes totaled 456, which was a decrease of 10.9 percent from last September.  Closed sales volume was $172,121,421, a decrease of 3.9 percent.  The average sales price for attached residences was $377,459, and the highest sold price was $2,769,000, a 25.1 percent decrease over September 2016.  Average days on the market for attached homes in September was 76, which was a 61.7 percent increase from the same period last year.

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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