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 $1.3 million. (Over the years I have used $1 million as luxury, but with our rising home values, had the need to increase this amount.) Some have mountain and/or city views, and 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 acreage. Whatever a Buyer is looking for, most likely if you have over $1.3 million, you can find it in Denver or in the surrounding suburbs.
Here is how the luxury market fared for the month of June 2022 -
Total sales - 339 homes ranging from $1,300,000 to $8,550,000 (last month was 359 homes, 2021 was 563)
Average Days on Market - 27 days (last month was 13 days last month and 2021 was 19 days)
Sellers saw - 100.94% to list price
Average price per SF (Total) - $415.51 (last month was $390.06)
These homes were built from 1885 to 2022
It was interesting to see a bank-owned property sell in Brighton for $1,789,500. It was a brand new property. Have not seen a short sale or a bank-owned property for sale in quite some time.
The highest-priced home sold was $8,550,000 in the Denver Metro and is in Cherry Creek. This home was built in 2014, on .32 acres. It has 5 bedrooms, 6 bathrooms, and a 4-car garage. This home has 8,281 square feet and was sold off-market and never went on the market. (this is what happened in May also)
Contact me for bank-owned properties for sale
Summer is here in full force, and many are looking to spend time outdoors with family and friends. Need a better outdoor space? Maybe with a view?
There are 580 homes for sale in the Denver metro area listed over $1,300,000 up to $24,700,000. They have been on the market for an average of 55 days and these homes were built from 1886 to 2023. This amount has increased from last month (545). There are no bank-owned properties currently on the market, nor any short sales active.
There are 331 homes currently pending over $1,300,000 up to $6,995,000 with an average of 50 days on market. These homes were built from 1859 to 2023. (This amount has decreased from 396 last month.)
Here is how 2020 compared to 2021
Total Sales 2020 - 2,739 2021 - 4,487
Days on Market 2020 - 53 days 2021 - 27 days
Average Price Sold 2020 - $1,302,500 2021 - 1,350,000
% Seller Saw to List 2020 - 97.06% 2021 - 100%
With home values on the rise, we are seeing more sales over $1 million. I did bump the price point to $1.3 million for 2022. It isn't unusual to see a million-dollar home. With such low inventory even in the luxury sector, homes were not on the market long.
I have obtained my luxury marketing certification which 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.