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Luxury Single-Family Home Sales Increased 42.1 Percent in April While Luxury Condo Sales Increased 40.0 Percent

05/11/18 by Marketing Web

Kentwood Real Estate has released the company’s comprehensive real estate statistics for April 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 42.1 percent in April compared to the same period in 2017 with 172 closed sales, while luxury condo sales increased 40.0 percent with seven total sales compared to April 2017.      


There is currently a total of 721 million dollar residential and condo listings in the metro Denver area, with Kentwood Real Estate holding a significant market share with 84 million dollar listings.  Closed sales volume for luxury residences was $266,643,456 in April, while closed sales volume for luxury condos was $13,923,380, a 119.1 percent increase compared to April last year.  Following are details for April 2018. 


Average Sales Price for Luxury Residences in

April Increased 1.6 Percent to $1,550,253 While Average Sales Price for Luxury Condos Increased 56.5 Percent to $1,989,054


The average sales price for single-family luxury homes increased 1.6 percent in April to $1,550,253.  Average days on the market decreased 22.9 percent to 81.  Highest sold price was $8,000,000.  There are a total of 666 active residential listings.


Luxury condominium sales in April averaged 253 days on the market, which was an increase of 256.3 percent over April 2017.  The highest sold price was $4,150,000.  There were 55 active luxury condominium listings.  Closed sales volume year over year was $45,544,601, an increase of 82.4 percent over last year, while the average sales price year over year increased 28.4 percent to $1,687,022.


“The cost to build a new luxury home in Cherry Hills or Greenwood Village is now substantially higher than it was even a couple of years ago,” said Larry Hotz, a leading real estate professional with Kentwood Real Estate DTC.  “As a result, existing resale homes are a more affordable choice on a price per square foot basis.  So, resale luxury home sales are climbing.”        


Market Recap for The Villages Shows Average Sales Price Increased 24 Percent to $2,288,167


Kentwood Real Estate’s latest real estate market statistics for Cherry Hills Village and Greenwood Village for April show the average sales price increased 24 percent over last April to $2,288,167.  Closed sales increased 53.3 percent over April 2017.  The highest sold price in April was $4,700,000, while the average number of days on the market increased 64.9 percent to 127.  Closed sales volume was $52,627,840, a 90.1 percent increase over April last year.  Average price per square foot was $421 for a 0.5 percent decrease over last April.    


Currently there are 78 residential listings and 32 land listings in Cherry Hills Village and Greenwood Village.  Kentwood Real Estate enjoys a 26 percent market share with 29 active listings.


“The current trends in The Villages luxury market indicate a clear confidence in the direction of the economy,” said Edie Marks, a leading Broker Associate with Kentwood Real Estate DTC.  “People are downsizing and moving up, making for a very robust luxury real estate market.” 


Average Residential Sales Price for Cherry Creek Neighborhood Decreased 4.5 Percent in April


The average residential sales price for homes in Denver’s Cherry Creek neighborhood decreased 4.5 percent to $1,122,838 compared to April 2017, according to data gathered by Kentwood Real Estate.  The average number of days on the market in April decreased 54.8 percent to 85, with closed sales volume totaling $17,965,400 for a 9.2 percent increase over April last year.  Closed residential sales increased 14.3 percent to 16.  The highest sold price was $2,649,000.         


Condominium sales for Cherry Creek totaled 13 in April, which was a 116.7 percent increase over April 2017, with an average sales price of $683,773.  The highest sold price was $2,700,000.  Closed condominium sales volume was $8,889.050 in April, a 212.5 percent increase over April last year.  Average days on the market for April was 183, which was a 662.5 percent increase over last year.  There are currently 103 residential and condominium listings in Cherry Creek, with Kentwood Real Estate holding 51 active listings.


“The amenities of Cherry Creek are growing with several new hotels, retail stores and restaurants,” said Emily Chaney, an accomplished Realtor with Kentwood Real Estate Cherry Creek.  “The condo market reflects urban dwellers’ desire to be in the heart of those amenities.  We see this through an increase in the sale of condos and rise in prices.  We anticipate, due to the squeeze on inventory across the city, this trend of rising prices and rapid inventory absorption will continue despite potential fluctuations in interest rates.”


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


There is currently a total of 696 detached listings and 701 attached listings in the City of Denver, with Kentwood Real Estate holding 86 active listings.  Closed sales for detached residences totaled 551 in April, a 4.4 percent decrease over the same period last year.  Closed sales volume was $241,579,018, a 19.2 percent increase over last April.  Average sales price was $438,437 for a 14.2 percent increase, and the highest sold price was $4,150,000, an increase of 51.8 percent.  Average days on the market for detached residences was 153, an increase of 69.4 percent. 


Closed sales for attached homes totaled 689, which was a decrease of 5.7 percent from last April.  Closed sales volume was $414,177,885, an increase of 7.4 percent.  The average sales price for attached residences was $601,129, and the highest sold price was $8,000,000, an increase of 130.2 percent over April 2017.  Average days on the market for attached homes in March was 19, which was a 24 percent decrease from the same period last year.


“The City of Denver continues in a strong seller’s market as inventory is down overall compared to last year, even with a seasonal increase,” said Sara Glaze, a top producing broker with Kentwood City Properties.  “The market is moving particularly fast, as buyer’s search for more affordable options.  Increasing interest rates and rising prices will have an impact at some point, but so far, buyer demand remains strong.”


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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