In May of 2017 a record breaking 179 homes all priced over $1 million sold and closed. This record is over 21 percent from the month prior and is nearly 38 percent year over year. According to Elaine Stucy, DMAR Market Trends Committee member and metro Denver real estate agent, she said “ By this time next month, sales in the Luxury Market of homes priced over $1 million will likely surpass one billion dollars year to date. This is a stunning trend in a month where traditionally the greatest number of homes come into the market. However, instead of a buildup in supply, there was a full 1 percent reduction in months of inventory to a 5.8 month supply”
In Denver the average home prices have continued an upward rise to a new high of $449,736. This is up 2.84 percent from the previous month and up 9.83 perfect from a year ago. Steve Danyliw, Chairman of the DMAR Market Trends Committee and Denver real estate agent states, “Housing numbers seasonally surge this time of the year and 2017 is no different, we experienced robust gains in active listings, new listings, under contracts and sales volume for the entire residential market. Inventory continues to be a significant concern, particularly in the lower price ranges.”
According to Danyliw, Of all the available listings that are currently on the market in the Denver area only 41 percent of those listings are priced below $500,000. He also states, “that the competition for homes under $500,000 is fierce as this price segment is below one month of inventory. Considering this price range accounts for 74 percent of all sales in metro Denver, homebuyers should expect continued competition.”
There were 5,895 active listings in May, relating to single family and condo’s, this number is up 9.96 percent from the month prior and 7.91 percent year over year. New listings, homes under contract, and the number of sold listings all increased from the month prior as well as year over year. Complete for a total sales volume of over $2.39 billion dollars.
The monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” “Signature Market Report” and “Premier Market Report”. In May 179 homes sold and closed for $1 million or greater, this being said it reached a new single-month sales record for this segment. The closed dollar volume in May for luxury residential was up 19 percent month over month and 34.43 percent year over year.
The highest priced single-family home sold in Denver in May for $5,850,000, above ground square feet 7,358 with five bedrooms and nine bathrooms. As well as the highest priced condo sold was $1,837,500 having two bedrooms, three bathrooms and above ground square feet 2,338. Listing and selling agents for both transactions are members of DMAR.
This all being said, just as the Luxury Market is “hot,” so is the Signature Market. This market is comprised of homes prices between $750,000 and $999,999. Brigette Modglin from DMAR Market Trends Committee member and metro Denver real estate agent explains, “The single-family Signature Market was hot like the summer days we are starting to get. We saw over 19 percent more homes sell from the month prior and 50.7 percent more year over year. Sales volume increased over 19 percent compared to April and over 49% from a year ago.”