Some more good news came out today on the market for Denver luxury homes. Luxury home sales in October 2012 were twice what they were in October of 2011. In addition, sales of Denver luxury homes were up from September of this year as well.
As with other segments of the Denver Homes market, the inventory for Denver luxury homes is much lower than it has been historically. The average days on market in October of 2012 was 126, compared to 196 days on market in 2011. This is a huge decline, as luxury homes are now taking roughly 4 months to sell compared to well over six months last year.
From the Denver business Journal:
Metro Denver’s luxury home resale market continued its strong recovery in 2012 with almost twice as many homes sold in October than the year before, according to a Coldwell Banker Residential Brokerage report Thursday.
Buyers snapped up 73 homes with a price tag of $1 million or higher in October, far outpacing the 37 sold in October 2011. That was also an increase over the 69 homes sold the previous month.
The median sales price on those homes stood at $1.31 million, a 4.8 percent year-over-year decline and 3.9 percent month-over-month dip.
Keep in mind, that these numbers include Denver luxury foreclosures as well. The number of Denver foreclosures on the market has been reduced drastically over the last 18 months and is one of the major reasons were seeing such a drastic decline in inventory.
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