Luxury listings in Boulder/Broomfield started the year strong, boosted by momentum from a record-breaking year in 2019. Sales of properties priced over $1 million saw the highest first-quarter sales on record this year at $241 million. The area also saw 43 percent more units sold in Q1 2020 compared to Q1 2019, totaling 36 percent more in overall sales volume for properties over $1 million.
April was a different story, when stay-at-home orders placed significant restrictions on home marketing and selling activities. New luxury listings were down almost 52 percent and properties put under contract were down over
63 percent compared to April 2019. This is in line with industry predictions of a minimum 50 percent drop across all price points due to the pandemic.
Nonetheless, WK Real Estate saw its highest first-quarter transaction since 2015 with the $7.4 million sale of Flapjack Farm in Boulder. The highest-priced active listing in our market is in Longmont at $9.85 million, and has been on the market for 481 days.
Absorption rate data from Q1 2020 indicates what the Boulder/Broomfield area can handle in terms of luxury inventory, and it’s a tale of two markets. Homes priced under $3M sold in 5.5 months on average, which indicates a sellers’ market. However, homes priced over $3M took an average of 16.7 months to sell in Q1, indicating a market segment where buyers have considerable control. Across-the-board statistics from April 2020 show continued demand among buyers and sellers in the Boulder and Denver metro areas, even in the luxury segment under $3M. Serious buyers should not view this as a time for low-ball offers.
As the area’s first real estate firm to join Luxury Portfolio International® (LPI), WK Real Estate can deliver unprecedented exposure and marketing reach for distinctive homes. Our LPI affiliation, plus our own listing technologies and digital resources, allow buyers across all price points to digitally experience homes in our portfolio. Whatever you need, whenever you need it, WK Real Estate is ready to #DoMore for you.