The residence at 10321 Rancho Montecito Drive in Parker, listed at $2,100,000.The luxury real estate market remains robust in Colorado, with inventory increasing across the board in March — a welcome change from the declining inventory levels of luxury homes entering the market over the past several months. A strong first quarter is occurring based on Colorado's improved local economy, combined with climbing homeowner equity within the residential luxury market, which bodes well for the spring selling and buying season.
"Both inventory and sales took a big jump in the month of March," said LIV Sotheby's International Realty president Scott Webber. "292 luxury listings came on the market and there were 119 sales. Although the average sales price dropped slightly, the average price per square foot continued its steady climb."
In Denver metro, the number of luxury homes sold (sales over $1 million) demonstrated a significant increase year-over-year and month-over-month, with 119 homes with a price tag of more than $1 million sold in March 2017, over 73 sold in March 2016, a 63-percent increase, according to data released by LIV Sotheby's International Realty and based on information from REColorado. Month-over-month, 119 homes with a price tag of more than $1 million sold in March 2017, over 57 sold in February 2017, a 109-percent increase.
Inventory increased, with 42 percent more new listings entering the market year-over-year; 292 in March 2017 over just 206 in March 2016, and the number of active listings increased by 10 percent in March 2017, to 760, up from 688 active listings in March 2016. The average price per square foot demonstrated a balance year-over-year at $420, and average selling price decreased slightly, 4 percent, year-over-year from $1.5 million in March 2016 to $1.45 million in March 2017.
The most expensive residential sale in March was a 9,603-square-foot residence located at 14 Cherry Hills Drive, Cherry Hills Village, that sold for $6,000,000. LIV Sotheby's International Realty double-sided the transaction, with Janet Kritzer representing the listing side and Linda Behr representing the buyer.
In March, Boulder County also experienced an increase in luxury sales year-over-year and month-over-month. Year-over-year, 35 homes with a price tag of more than $1 million sold in March 2017, over 26 that sold in March 2016, a 35-percent increase according to information from IRES, LLC. Month-over-month, 35 homes with a price tag of more than $1 million sold in March 2017, over 12 sold in February 2017, a significant, 192-percent increase.
Inventory increased with 109 new listings entering the market year-over-year in March, over just 65 new listings in March 2016, a 68-percent increase. The number of active listings increased by 15 percent in March 2017, to 212, up from 184 active listings in March 2016. The most expensive sale for March in Boulder was a 10,028-square-foot residence located at 6549 Legend Ridge Trail, in Niwot that sold for $2,550,000.LIV Sotheby's International Realty compiles monthly, quarterly and year-end reports to help consumers make better real estate decisions. To access current market reports, visit ColoradoMarketReports.com.
To service your real estate needs, call 303-893-3200, or visit LivSothebysRealty.com.