The latest data from the Metrolist shows that the sales of Denver luxury homes (homes priced over $1,000,000) doubled in April of this year compared to April of 2012. This is great news and shows that the huge demand we’re seeing in most segments of the Denver housing market is also being felt at the higher end of the price spectrum.
According to the latest report, there were 44 luxury Denver homes sold in April of 2012 while in April of 2013, 93 homes priced over $1,000,000 were sold.
From the Denver Business Journal:
Ninety-three of those luxury homes sold in April in the Denver area, according to the report, while 44 sold in April 2012.
The report is based on multiple listing service data. That number represented a 31 percent hike from the 71 sold in March.
“The luxury housing market in the Denver metro area, much like the overall market, remains red hot as these numbers indicate,” said Chris Mygatt, president of Coldwell Banker Residential Brokerage in Colorado. “The market continues to be driven by a large number of qualified and determined home buyers who want to purchase while interest rates are still low and home values are still quite attractive.”
While the number of sales increased, the median sales price for luxury homes dropped 8.8 percent year over year to $1.27 million. That median was basically flat from March.
There were 13 sales of homes for more than $2 million in April, up both from the previous month and April 2012, when 10 of those homes sold.
The sales are going faster, too. The average days on the market number was 120.7 days, down from the 133-day average in March and the 172.6-day average from April 2012.
If you are considering buying or selling in the high end market, give one of our knowledgeable agents a call. This type of home requires a different knowledge set and a high end marketing plan. We can run you detailed reports and help you see the true value of any home you are considering. You can reach us at 303-726-1874.