Housing inventory in the residential market hit a four-year high year to date in August with a total of 8,228 homes on the market, up 11.79 percent from last year.
“Over the past four years, we’ve experienced the strongest sellers’ market in recorded history,” said Steve Danyliw, Chairman of the DMAR Market Trends Committee and Metro Denver REALTOR®. “This past month, we saw available homes for sale increase to the highest level in four years giving buyers more homes to choose from.”
Our monthly report also includes statistics and analyses in its supplemental “Luxury Market Report” (properties sold for $1 million or greater), “Signature Market Report” (properties sold between $750,000 and $999,999) and “Premier Market Report” (properties sold between $500,000 and $749,999). In August, 191 homes sold and closed for $1 million or greater – down 11.57 percent from the previous month and up 31.72 percent year over year. The closed dollar volume in August in the luxury segment was $289,495,644 down 5.73 percent from the previous month, and up 26.02 percent year over year.
Notably, year to date in August, the Luxury Market exceeded $2 billion in sales volume for the first time on record, up 29 percent from last year.
The highest priced single-family home sold in August was $6,750,000 representing four bedrooms, seven bathrooms and 7,704 above ground square feet in Larkspur. The selling agent is a DMAR member. The highest priced condo sold was $3,500,000 representing three bedrooms, four bathrooms and 3,336 above ground square feet in Denver. The listing and selling agents for the condo transaction are DMAR members.
“The general consensus amongst colleagues is that many luxury homes across Metro Denver have experienced price reductions and are spending more days on the market,” stated Bryan Facendini, DMAR Market Trends Committee member and metro Denver REALTOR®.
The assessment is reflected in DMAR’s August market trends report findings as 37 percent of luxury home sales incurred a price reduction, the close-price to list-price ratio of luxury homes decreased nearly half a point to 97.05 percent, and the median days on market increased by ten days from 17 to 27.
In the luxury condo market, the average sales price increased 28.58 percent over the prior month and 7.95 percent year over year, while inventory moved much quicker at a median of 14 days on market compared to 27 days in July. For the luxury single-family home market, months of inventory held steady at 5.1.
Thank you to our partners at the Denver Metro Association of Realtors for compiling this information. Download the report