Denver Condos and Townhomes

Some more great news for Denver Luxury homes was released by Metrolist today. Luxury homes in the metro area (homes priced over $1 million) increased over 60 percent from February and nearly 50% from March of 2011.

This steep rise corresponds to what we've been seeing in all price ranges across the Denver area. While the number of sales hasn't risen quite as dramatically in the non-luxury market, sales have been trending up for many months now.

From The Denver Business Journal:

The number of luxury homes sold in the metro Denver market in March increased dramatically from both the prior month and March 2011, according to a report released Monday.

Forty-nine homes with a price tag of more than $1 million sold in March, up 63 percent from February and 48 percent year-over-year, according to the report analyzing Metrolist Inc. Metrolist Inc.Latest from The Business JournalsFollow this company data by Gary Bauer, an independent Littleton broker, Metrolist analyst and board member.

With banks releasing fewer and fewer Denver luxury foreclosures to the market, we expect to see prices trend upwards as well. There has been a trend of "wait and see" going on in the market, and it seems like this trend is ending.

If you would like to talk to our team about Denver Luxury homes or any of the factors that are contributing to the upswing in sales over the past 9 months, give us a call at 303-726-1874.

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More news on the declining housing inventory; this time for Denver luxury homes. The numbers today for luxury homes is nearly identical to the number earlier this week for all of the Denver homes for sale. Earlier this week, we reported that year-over-year inventory is down 33%. Today, we're finding out that inventory for Denver luxury homes is down year-over-year by 40%.

The number of sold homes in that time frame remained about the same, suggesting that the market may be finding an equilibrium.

From The Denver Business Journal:

There were 40 percent fewer luxury homes on the market in metro Denver in February than in the same month of 2011, according to a report released Friday.

Brokers listed 604 homes with a price tag of more than $1 million in February, compared to 644 in January and 1,005 in February 2011, according to the report analyzing Metrolist Inc. data by Gary Bauer, an independent Littleton broker, Metrolist analyst and board member.

Thirty homes in that market sold in February, down slightly from 33 sold in January but up from 27 in February 2011.

These numbers include the statistics for Denver luxury foreclosures as well.

If you are interested in more detailed statistics or information on Denver luxury homes in specific neighborhoods, give our team a call at 303-726-1874. Each neighborhood can have it's own unique markets, so let us send you a detailed report.

We'll continue to monitor the market and post the stats here, but as we've been reporting since last fall, the inventory continues to fall while the demand for homes, spurred largely by the low interest rates, continues to climb.

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It looks like the shrinking inventory we've been detailing here is beginning to expand into Denver Luxury homes as well. As we've discussed on our blog, the inventory of available homes in the metro Denver area continues to shrink. We've seen it in almost all markets and price points, from Denver HUD homes to Denver luxury foreclosures. But now, it appears that the more standard resale luxury homes are experiencing the same problem.

From the Denver Business Journal:

The number of luxury homes available for sale in metro Denver continues to drop, according to a report analyzing multiple listing service data released Tuesday.

There was an inventory of 566 residential homes available for sale in December, down from 650 available in November, according to the report from independent Littleton broker Gary Bauer using Metrolist Inc. Metrolist Inc.Latest from The Business JournalsReal estate brokers predict healthier 2012 residential marketHome inventory continues to tighten in metro DenverDenver-area luxury home sales up in NovemberFollow this company data. That inventory level marked a steep 35 percent drop from the 875 available in December of 2010.

Those numbers, culled from the 11-county Denver area, did not include condos. A luxury home is defined as having a price tag of $1 million or more.

The reasons for the shrinking inventory is complex, but one of the main reasons is that those sellers who don't have to sell, aren't.

It will remain interesting to watch what this lack of inventory will do to prices, but in areas where we've seen diminished inventory for months (i.e. Denver HUD homes) our clients are being forced to bid above asking price to successfully win bidding wars.

if you're interested in learning more about the markets for Denver luxury homes, Denver luxury foreclosures or just the market in general, give our team a call at 303-726-1874. We can run a market specific report for you so you have the knowledge to make te right decision.

With the low inventory, now may be the right time to sell!

Some more good news came out today on the market for Denver Luxury Homes and Denver Luxury Foreclosures. The Denver Business Journal is reporting that sales of $1 million and up increased by over 20% this November from last November.

The statistics cover the entire Denver metro area and represent both Denver Luxury Homes and condos. The article and the underlying statistics are interesting and worth a look if your considering a higher end home in the Denver area. We've seen these trends repeating themselves in all price points and while we're not seeing a huge uptick in pricing, the market is moving in a positive direction.

From The Denver Business Journal:

Forty-five local homes with a price tag of more than $1 million sold in November, up eight from the 37 sold in October and up one from November 2010, the report shows.

A similar report from independent Littleton broker Gary Bauer using Metrolist data shows an inventory of 650 residential homes listed for more than $1 million in November, and 74 condos.

If you'd like more information on Denver luxury foreclosures or luxury homes, give our team of experts a call at 303-726-1874. We can send you detailed reports for the specific cities or neighborhoods you are considering. The right information can make all of the difference when buying a Luxury home.

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Some mixed news came out today regarding Denver Luxury Homes. According to a report in the Denver Business Journal, only 53 homes priced over $1 million sold in August, compared with August 2010. However, during that same period, the median sales price of $1 million + homes is up by 5.4 percent.

Over the past several month, we've seen Denver Luxury homes trending up, both in volume and price, so it will be interesting to see if this is a minor blip or the start of a correction in the Luxury market. While the greater Denver market as a whole is trending upwards, we'll keep our eye on the luxury market and report back with news as it comes out.

From the Denver Business Journal:

Although the number of homes that sold for more than $1 million in August is down to 53 from 71 a year ago, the median sales price is up by 5.4 percent. The sales price rose to $1.31 million.

Both sales indicators are off from July, when 69 homes sold for a median of $1.39 million.

While a low of attention has been paid to Luxury Denver homes for sale, few articles are mentioning Denver Luxury foreclosures. We've been finding some incredible deals for our clients. If you'd like more information or have additional questions, give our team a call at 303-817-0209.

 Some good news on sales of Denver Luxury Homes came out today. Both month over month sales and year over year sales for the same month increased in June. In addition, we're seeing the days on market improve significantly.

 From The Denver Business Journal:

Luxury Home Sales on the Rise

Seventy-one homes, with a sales price of $1 million or higher, sold in June, as compared to 47 in May. That number also was slightly higher than in the previous year, when 67 homes sold in June 2010.

The report is based on data from Denver's Multiple Listing Service, a database of home sales activity for real estate professionals.

Those June sales also were faster, with an average of 164 days on the market, than the month before when the average stood at 215 days on the market. Both numbers were up from June 2010's average days on the market, 116.

 This is obviously good news. We'll update our blog as more stats become available. In the meantime, if you'd like to speak with one of our agents about this, give us a call at 303-726-1874.

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