Denver luxury homes (homes priced over $1,000,000) posted their strongest month in almost 4 years in May of this year. This is great news, as luxury homes has been one of the few under-performing sub markets for Denver homes.
InMay, buyers purchased 76 homes in the Denver market costing $1,000,000 or more. This was a 61% percent increase over May of 2011 and the best month for Denver luxury homes since August of 2008.
From the Denver Business Journal:
That wasn’t the only good news. The median sales price in May for metro Denver luxury homes rose to $1.272 million — up 1.8 percent from April. The average days on the market dropped to 155.8, down from 215.2 days in May 2011 and from 172.6 in April.
Sellers also got more of their asking price in May: 93.6 percent, which is up from April’s 92.6 percent and May 2011’s 91.3 percent.
Some other highlights from the report:
• The highest price for a home sale in May was $3.6 million for a 5,532-square-foot, six-bedroom, seven-bath Denver home.
• There were 25 luxury homes sold in Denver, 17 in Boulder, seven in Greenwood Village and five in Castle Rock.
• Seven multimillion-dollar homes sold in May, down 10 from April and flat year over year
These numbers show an increase of 44% from April of this year and we hope this is a trend that continues. We will continue to keep you updated on the statistics for Denver luxury homes on this blog.
In the meantime, if you have questions or would like to talk with one of our experts, give us a call at 303-726-1874.
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