Regional MLS inventory of luxury homes in Denver continues to fall, according to regional MLS statistics. According to the MLS, there was a supply of 556 luxury homes in Denver during the month of December 2011, representing a sharp drop from 650 available homes in November 2011, and a significant decline from the 875 homes that were available in December 2010. This constitutes a drop of 36% from the previous year. As a result, real estate brokers across metro Denver are expecting prices to firm up as the inventory of luxury homes in Denver continues to dwindle. The typical seasonal drop in inventory that is usually observed in December does not explain the significant year-to-year drop. These numbers were compiled from sales of luxury homes in Denver across the 11-county Denver and did not include condominiums for sale. For purposes of this analysis, luxury homes in Denver were defined as all single family residential homes priced over $1M. From an historic perspective, this inventory is very low, and will almost inevitably drive prices up.
Available Denver Homes $1 Million and Up
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Prices of Luxury Homes in Denver
Already, we are seeing an increase in the average sales price of these properties. In December 2011, prices climbed from an average of $1.5M, a significant increase from the previous month’s price of $1.44M.
Here are some more year-end statistics provided by Metrolist, Inc, Denver’s Multiple Listing Service:
- The average sales price of luxury Denver homes remained the same year over year. Many Denver brokers believe an increase in average sale price will be seen in 2012.
- There were 502 luxury homes in Denver sold last year, from the 505 sold in 2010.
- The total number of sales of luxury homes in Denver dropped 1 percent, from $773 million in 2010 to $763 million in 2011.
Finding Luxury Homes in Denver
If you are relocating to this area, or planning to upgrade your current home, call me for a free consultation and comprehensive information about luxury homes in Denver. A luxury home purchase is one of the most important purchases you will ever make, and my goal is to provide you with the best information possible so you can make the best possible decisions.
Source: The Denver Business Journal , reported by Dennis Huspeni, who covers real estate and retail for the Denver Business Journal and writes for the “Real Deals” blog.
