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 over $1 million.   Some have mountain  and/or city views, some 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.   

 

Since March when COVID hit the Denver area, we saw sales in every price range drop.   June 2020 saw a significant increase, but July we saw activity exceed the normal.

 

Here is how the luxury market fared for the month of July 2020

Total sales - 335 homes ranging from $1,000,000 to $5,985,000 (last month was 225 homes, JULY 2019 was 184)

Average Days on Market - 47 days (increased from 43 days last month and JULY 2019 was 57 days)

Average price per SF (Total) - $278.53 (last month was $278.48)

These homes were built from 1890 to 2020

 

The highest-priced home sold was $5,985,000 in the Denver Metro and is in Cherry Hills Village.   This expansive home was built in 2014, on 2.25 acres with a 3-car garage.   This home has 5 bedrooms, 9 bathrooms, and 9,720 total finished square feet.  This home was on the market for only 0 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.

  

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

 


 

 

Today, you will find 708 homes for sale in the Denver metro area listed over $1,000,000 up to $37,000,000.   They have been on the market for an average of 104 days and these homes were built from 1885 to 2021.   This amount has decreased from last month.

 

This listing listed for $37,000,000 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 476 homes currently under contract over $1,000,000 up to $4,999,995 with an average 79 days on market.    These homes were built from 1890 to 2021.    (This amount increased from 439 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 75 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.