March was a fantastic month for Denver Luxury home sales! The number of luxury homes that sold in March 2013 was 50% greater than the number of luxury homes sold in March of 2012! The first quarter of 2013 has seen an overall increase in the luxury sales of 24% when compared to the first quarter of 2012.
While these numbers are in line with the entire market for Denver homes, it is encouraging to see this specialty market picking up so quickly. Many times the market for luxury Denver homes lags behind the broader market. This has definitely not been the case during this recovery.
From the Denver Business Journal:
There were 48 Denver-area homes that sold in March for $1 million or more, 50 percent more than the 32 sold in March 2012.
In the first three months of 2013, 108 luxury homes in the area were sold totaling $160.24 million compared to the 83 sold in the same time period in 2012 totaling $127.11 million.
When running numbers and statistics, luxury homes are considered any home priced about $1 million dollars. The reports include foreclosures and short sales in the calculations and do not specify property condition.
The report also details average days on market for these homes, which has maintained roughly the same number year over year (144 vs 148).
As with all sales data, numbers for a broader market (Denver Metro) don’t always correspond with individual sub markets. If you have interest in a particular area, call us at 303-726-1874 so we can run a detailed report on that city or area.
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