More great news for the Denver Luxury Homes market. A report in the Denver Business Journal shows that year over year sales of luxury homes in the Denver area increased by 73% in February. Month over month sales also increased from January by 5%.
This report continues the trend we have been seeing in the luxury market over the past several months. While the broader market has been increasing for almost a full year, the luxury market has been about 6 months behind. It is encouraging to see the rise continue.
From The Denver Business Journal:
Buyers scooped up almost 37 percent more metro Denver luxury homes in February compared to a year earlier, according to a report released Tuesday.
There were 43 single-family homes and condos with a price tag of more than $1 million sold in metro Denver in February, according to a report from Gary Bauer, based on multiple listing service data. Without the two luxury condos sold in February), that’s a 5 percent increase from January and a 36.67 percent increase from February 2012.
The total dollar amount of the single-family homes sold stood at $57.54 million, up 3 percent month over month and 30 percent year over year, the report states.
The market for these homes is much different that the more traditional homes that make up the bulk of the sales reported in the media. Luxury homes account for only a small portion of total sales and tend to fluctuate more rapidly and are influenced more by other economic factors.
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