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Summer is in full swing. We’ve hit mid-year and we’ve been trying to soak up the rays and avoid getting drenched from all the rain.
Year to date in the Luxury Market, single-family home sales were down 2.72 percent year over year, but up 34.05 percent compared to 2017 with 242 more single-family homes sold this year compared to 2017. The luxury condo market also saw striking results with sales up year to date at 38.78 percent year over year and 4.26 percent since 2017, with 42 more luxury condos sold since 2017.
Making a splash and sliding downward are the days on market in the single-family luxury segment with an average of 58 days on market year to date, down 13.43 percent year over year and 22.99 percent since 2017. Also sliding downward were the luxury condo average days on market, down 19.70 percent from one year ago from 66 to 53 days on market, and down 14.29 percent from 2017.
While things seem to be pointing in the right direction with more inventory in the luxury segment of the market, sales of single-family luxury homes were slightly down from 1,067 sales year to date in 2018 compared to 1,038 year to date in 2019, a 2.72 percent decrease. Diving into the numbers, they still look good as we are in a more balanced market and all signs show this is good for both buyers and sellers in the Denver Metro Luxury Market.
Pricing is key and we’re still not hitting the mark with sales price to list price at 97.62 percent for the luxury single-family homes and 97.99 percent for luxury condos. Even with it being challenging to price the single-family luxury homes, we have seen a 4.56 percent increase in price per square foot at $298 and luxury condos were up 23.30 percent at $635 price per square foot. With these stellar prices, we’re definitely not in Kansas anymore, Toto!