No real change for Denver Luxury homes according to a report cited in the Denver Business Journal this afternoon. While sales of luxury homes in the Denver market are up when compared to the same time last year, the month of April showed no real change.
What is important to note in this report is that the available inventory of Denver Luxury homes is down drastically from last year – 48% to be exact. This reduced inventory is keeping prices higher – both month-over-month and year-over-year.
From The Denver Business Journal:
Prices for luxury homes in metro Denver have remained flat, but the overall market for homes priced $1 million and above is healthier and has been showing more activity than at the same point in 2011, according to a report Tuesday based on Metrolist Inc.’s multiple listing service data.
In April, 41 luxury homes and condos closed in metro Denver with a $64.2 million volume for all sales, according to Gary Bauer’s report. Bauer is an independent Littleton-based broker and Metrolist board member.
and:
The average sales price for $1 million-plus homes stood at $1.61 million, up from March’s average of $1.52 million and up 7.3 percent from April 2011.
The market for Denver Luxury homes is an interesting to watch. With a much smaller pool of sales to examine, a slight uptick in Denver Luxury foreclosures can have a significant impact on average prices and sales numbers.
If you would like to talk to our team and learn more about this market or talk about the entire market of Denver homes for sale, give our team a call at 303-726-1874.