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Home sales in Denver real estate market priced over $1 million increased from 131 in April 2016, to 168 in May, which is a 28.2 percent increase.
“That is a massive number of million-plus-dollar homes,” said Chris Mygatt, president and COO of Coldwell Banker Residential Brokerage.He said the flat rate is still a positive measure because last year’s high in May totaled 37 more than in April. The median sale price experienced a 6.3 percent dip from a year ago to $1,296,000. That figure is also down from April.
In May, there were 22 sales over $2 million and six sales exceeding $3 million. The most expensive sale was a $6.7 million five-bedroom, five-bathroom home of about 15,500 square feet in Highlands Ranch.Denver saw the most million-dollar sales with 51. Boulder followed with 35, and Cherry Hills Village posted 11.
The number of luxury homes sold in 2016 is predicted to beat last year’s figure by 12 percent, based on tracking so far this year.The luxury market holds consistently with the rest of the market
Luxury home sales make up about the top 5 to 6 percent of units sold in Denver metro. It’s a small part of the overall market but an important measure because of the amount of business done by Realtors within that price point.
Homes came off the market faster than they did a year ago, down to 84 days from 90 days a year ago. Time on the market is an operator analysts watch very carefully, because it’s a sign of demand. Properties in the luxury market sit longer than the Denver average of about 33 days because luxury home buyers are more selective and transactions take longer.
According to a Denver Post report, Denver’s housing market leads the nation in value appreciation.
Now is the time to sell, call me for the path to reaching your real estate goals
Kevin Fletcher and is a Denver native working with Exit Realty of Cherry Creek. Kevin specializes in helping Buyers, Sellers and Investors with real estate transactions in the Denver Metro Area. Within Denver, I have intimate knowledge of the Park Hill, Stapleton, City Park, and Baker Neighborhoods. Kevin Fletcher can also assist buyers looking for Fix and Flips, and rental properties. I can help with securing financing, investment analysis, rehab, and property management.To get an expert opinion on what your home is worth, or for a Buyer consultation, Call/Text or Email Kevin Fletcher at 303-818-4130, Kevin@exitrealtycherrycreek.com
My name is Kevin Fletcher and I am a Denver native working with Exit Realty of Cherry Creek. I specialize in helping buyers, sellers and investors with real estate transactions in the Denver Metro Are....
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