denver metro’s luxury home sales volume rises by 98% over year-ago levels
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By Amanda Molitor | Published on March 19, 2021
Reflecting back to this time last year, things within the Denver Metro housing market started to change. Increasing concerns about COVID-19 created more hesitation in the marketplace as consumers wondered how the pandemic would impact the economy. Although the real estate market did not feel the full effect of the pandemic until April when activity came to a virtual halt, homebuyers and sellers began to question their timing, which resulted in a slowing of the marketplace.
In 2021, the story is quite the opposite. The real estate market in Denver Metro is thriving and performing at record-breaking levels. Following the height of the quarantine period, many people realized how important their homes were and decided to take advantage of the historically low-interest rates to make their dreams of owning a home in the Mile High City a reality. This wave of motivated buyers flooded Denver Metro beginning in late spring and has maintained its momentum into this year.
According to the Monthly Market Report from LIV Sotheby’s International Realty (LIV SIR), the luxury sector of the real estate market has performed exceedingly well, showing outstanding growth from last year. In a year-to-date comparison of January through the end of February of 2021 to the same time frame of 2020, total sales volume for the luxury market has risen by 98%, reaching $749,281,436.
The significant increase in overall sales volume is the product of a notable rise in the number of luxury homes sold and the appreciation of home prices. Through the end of February of this year, there were 466 luxury listings sold, an 89% increase from the same time period last year when there were 246 listings sold. Additionally, the average price for high-end homes grew by 4% through last month, bringing the average price to $1,611,121.
The strengthening demand for luxury homes in Denver Metro expeditated the buying and selling process by decreasing the average amount of time that listings spent on the market. Through February of 2020, luxury homes spent an average of 74 days on the market, now listings in this sector of the market spend an average of 64 days on the market, a 14% decrease.
During the month of February, LIV SIR brokers participated in some of the most significant sales that took place in Denver Metro. One of those sales was that of 29 Polo Club Circle. Josh Behr represented the buyer of this incredibly designed, modern home, which sold last month for the impressive price of $8,224,000. The sale of this home is just one example of the caliber of homes that many consumers desire in Denver Metro.
Looking at all price points for the month of February, the total sales volume has increased by 18% compared to February of last year. The number of listings sold rose by 3%, from 3,897 homes sold in February of 2020 to 4,007 homes sold last month. Average sold prices across Denver Metro saw a notable rise in comparison to the same time last year, rising by 14%. As of the end of last month, the average sold price of a home in this area was $545,623.
Thanks to Denver Metro’s unique lifestyle that combines the best of city living with access to the outdoors and socially distant activities, this community has become one of the hottest destinations to buy and sell homes.