While last month’s numbers for Denver Luxury homes seemed to show a potential slowing, the latest numbers are showing that this high-end market isn’t cooling off anytime soon. The latest report detailed in the Denver Business Journal, shows that both month-over-month and year-over-year sales of luxury homes for the metro area have increased.
June was another strong month for sales of homes with a price tag more than $1 million, with a 23.6 percent increase in sales volume from a year earlier, according to a report released late Wednesday by Kentwood Real Estate.
Buyers picked up 89 luxury homes in metro Denver in June, up 23.6 percent from June 2012 and a 44 percent increase over the 59 sold in May, the report shows. The combined dollar value of those 89 sales was $134,870,927, a 25.3 percent year-over-year jump.
The average sales price in June stood at $1.515 million, up slightly from May’s average of $1.46 million and up 1.3 percent from June 2012.
This report mirrors the overall Denver housing market which has showed increases for 16 straight months. As we continue to report, the major factor contributing to the fast moving market is a severe lack of available homes for sale. While demand has increased from last year, the remarkable lack of inventory has caused bidding wars and severe shortages in many sub markets and niches.
If you are a seller who has been waiting for the right time to list your home, this may very well be the best Seller’s market we will see in a long time. Give our team a call at 303-726-1874 to talk about your specific neighborhood.
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