Nov. 22, 2020
A Luxury Home can be identified differently in cities across the country, but in Denver, my Luxury blog posts will report on detached single-family homes listed in the Denver metro area for over $1 million. Some have mountain and/or city views, some properties back to a golf course, or have water views all to compliment one's lifestyle. (however, we don't have much water) Some are updated with products from around the world, and some have expansive square footage or on acreage. Whatever a Buyer is looking for, most likely if you have over $1 million, you can find it in Denver or in the surrounding suburbs.
Here is how the luxury market fared for the month of October 2020
Total sales - 393 homes ranging from $1,000,000 to $5,500,000 (last month was 298 homes, 2019 was 143)
Average Days on Market - 60 days (increased from 48 days last month and 2019 was 69 days)
Average price per SF (Total) - $288.58 (last month was $293.12)
These homes were built from 1890 to 2020
The highest-priced home sold was $5,500,000 in the Denver Metro and is in Castle Pines Village. This expansive home was built in 1990 and completely remodeled, on 1.41 acres with a 9-car garage. This home has 5 bedrooms, 8 bathrooms, and 15,212 total finished square feet. This home was on the market for only 21 days.
There were no short sales sold, and no bank foreclosures sold this month.
I was predicting an interesting year of sales with the election in November but had no idea we would be facing this pandemic and affecting not only our real estate sales, but our entire economy. Sales were very strong prior to COVID and definitely saw an early spring buying season. For 8 weeks, there were no in-person showings, so after 5/8, this made all the difference. Not many buyers wanted to buy a home sight unseen. The stock market bouncing around a bit, leaving some buyers still on the fence for a purchase. In June the luxury market starting seeing an abundance of closed properties.
Looking for a home on acreage and private? With mountain views? Or would you like to see what homes are for sale over $1,000,000? There are currently no bank-owned properties for sale and there are no short sales listed.
Short Sale homes for sale
Contact me for bank-owned properties for sale
Media rooms are in popular demand with being home more, this allows everyone to view movies, sporting events or concerts.
Today, you will find 532 homes for sale in the Denver metro area listed over $1,000,000 up to $30,000,000. They have been on the market for an average of 113 days and these homes were built from 1887 to 2021. This amount has decreased from last month.
This listing listed for $30,000,000 is off I-70 after climbing into the mountains on 157 acres. This home was built in 1999 and called Bear Mountain Ranch. This home features 9 bedrooms, 10 bathrooms with a total finished 17,017 square feet, and a 7-car garage. It also has two barns, an arena, workshop, and caretaker quarters.
There are 397 homes currently pending over $1,000,000 up to $9,500,000 with an average 75 days on market. These homes were built from 1892 to 2021. (This amount decreased from 443 last month.)
Here is how 2018 compared to 2019
Total Sales 2018 - 1,625 2019 - 1,810
Days on Market 2018 - 86 days 2019 - 61 days
Average Price Sold 2018 - $1,295,000 2019 - 1,300,000
% Seller Saw to List 2018 - 97.72% 2019 - 97.65%
With the equity increases we have seen over the last several years, it is not unusual to see homes priced over $1,000,000 now all over the City. In October 2015 there were only 30 homes sold in Denver proper, this month there were 148 homes sold.
I have obtained my luxury marketing certification and has given me a multitude of new ideas. If you have seen a home in this post this intrigues you, give me a call - 720-231-6373.